Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,053/mo
Lowest payment- Down payment
- $203,680
- Funds due
- $217,084
- Interest + MI left
- $121,080
- First ends
- Aug 2051
Assumption
Assumption + second
$3,175/mo
+$1,123/mo- Down payment
- $50,680
- Funds due
- $65,368
- Interest + MI left
- $372,238
- First ends
- Aug 2051
New loan
New conventional
$3,840/mo
+$1,787/mo- Down payment
- $50,680
- Funds due
- $61,381
- Interest + MI left
- $677,847
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,020 | $294,020 | $447,020 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,397.64 | $1,397.64 | $3,095.08 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $89.40 |
| Taxes, insurance & HOA | $655.17 | $655.17 | $655.17 |
| Total housing payment | $2,052.81 | $3,175.47 | $3,839.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,680
Closing costs & prepaids$14,688
Usable credit−$0
Total buyer cash needed$65,368
Earnest money paid−$0
Remaining funds due$65,368
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,977.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.10
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$955.50
Initial HOA (3 months)$510.00
Prepaid interest, first (1 days)$23.84
Prepaid interest, second (1 days)$33.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$48,863Through Nov 2026
Assumption only · ends Aug 2051$121,080
Assumption + second · ends Aug 2051, second Dec 2056$372,238
New conventional · ends Dec 2056$677,847