Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,001/mo
Lowest payment- Down payment
- $310,282
- Funds due
- $324,598
- Interest + MI left
- $131,057
- First ends
- Aug 2051
Assumption
Assumption + second
$3,770/mo
+$1,770/mo- Down payment
- $63,282
- Funds due
- $78,901
- Interest + MI left
- $521,091
- First ends
- Aug 2051
New loan
New conventional
$4,501/mo
+$2,501/mo- Down payment
- $63,282
- Funds due
- $74,687
- Interest + MI left
- $851,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,718 | $314,718 | $561,718 |
| Second mortgage | — | $247,000 | — |
| First P&I | $1,500.93 | $1,500.93 | $3,889.22 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $112.34 |
| Taxes, insurance & HOA | $499.75 | $499.75 | $499.75 |
| Total housing payment | $2,000.68 | $3,770.22 | $4,501.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,282
Closing costs & prepaids$15,619
Usable credit−$0
Total buyer cash needed$78,901
Earnest money paid−$0
Remaining funds due$78,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,573.59
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)$627.25
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$25.78
Prepaid interest, second (1 days)$52.45
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 2.990%
Interest already paid$52,817Through Nov 2026
Assumption only · ends Aug 2051$131,057
Assumption + second · ends Aug 2051, second Dec 2056$521,091
New conventional · ends Dec 2056$851,771