Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,077/mo
Lowest payment- Down payment
- $216,915
- Funds due
- $230,626
- Interest + MI left
- $129,783
- First ends
- Dec 2051
Assumption
Assumption + second
$3,273/mo
+$1,196/mo- Down payment
- $53,915
- Funds due
- $68,912
- Interest + MI left
- $397,356
- First ends
- Dec 2051
New loan
New conventional
$4,024/mo
+$1,947/mo- Down payment
- $53,915
- Funds due
- $64,766
- Interest + MI left
- $732,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,085 | $320,085 | $483,085 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,494.58 | $1,494.58 | $3,344.78 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $96.62 |
| Taxes, insurance & HOA | $582.42 | $582.42 | $582.42 |
| Total housing payment | $2,077.00 | $3,273.03 | $4,023.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,915
Closing costs & prepaids$14,997
Usable credit−$0
Total buyer cash needed$68,912
Earnest money paid−$0
Remaining funds due$68,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,600.42
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)$813.25
Initial HOA (3 months)$434.01
Prepaid interest, first (1 days)$25.26
Prepaid interest, second (1 days)$35.73
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 closing25 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$48,264Through Nov 2026
Assumption only · ends Dec 2051$129,783
Assumption + second · ends Dec 2051, second Dec 2056$397,356
New conventional · ends Dec 2056$732,631