Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,368/mo
Lowest payment- Down payment
- $283,813
- Funds due
- $299,020
- Interest + MI left
- $127,728
- First ends
- Sep 2051
Assumption
Assumption + second
$3,965/mo
+$1,598/mo- Down payment
- $60,813
- Funds due
- $77,318
- Interest + MI left
- $479,864
- First ends
- Sep 2051
New loan
New conventional
$4,719/mo
+$2,351/mo- Down payment
- $60,813
- Funds due
- $73,123
- Interest + MI left
- $817,454
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,087 | $316,087 | $539,087 |
| Second mortgage | — | $223,000 | — |
| First P&I | $1,489.31 | $1,489.31 | $3,732.53 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $107.82 |
| Taxes, insurance & HOA | $878.25 | $878.25 | $878.25 |
| Total housing payment | $2,367.56 | $3,965.16 | $4,718.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,813
Closing costs & prepaids$16,505
Usable credit−$0
Total buyer cash needed$77,318
Earnest money paid−$0
Remaining funds due$77,318
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,580.44
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)$634.75
Initial HOA (3 months)$1,500.00
Prepaid interest, first (1 days)$25.11
Prepaid interest, second (1 days)$47.35
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$50,614Through Nov 2026
Assumption only · ends Sep 2051$127,728
Assumption + second · ends Sep 2051, second Dec 2056$479,864
New conventional · ends Dec 2056$817,454