Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,950/mo
Lowest payment- Down payment
- $317,884
- Funds due
- $332,199
- Interest + MI left
- $105,411
- First ends
- Mar 2051
Assumption
Assumption + second
$3,784/mo
+$1,834/mo- Down payment
- $61,884
- Funds due
- $77,503
- Interest + MI left
- $509,657
- First ends
- Mar 2051
New loan
New conventional
$4,493/mo
+$2,543/mo- Down payment
- $61,884
- Funds due
- $73,416
- Interest + MI left
- $831,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,116 | $292,116 | $548,116 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,361.39 | $1,361.39 | $3,795.04 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $109.62 |
| Taxes, insurance & HOA | $588.17 | $588.17 | $588.17 |
| Total housing payment | $1,949.56 | $3,783.58 | $4,492.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,884
Closing costs & prepaids$15,619
Usable credit−$0
Total buyer cash needed$77,503
Earnest money paid−$0
Remaining funds due$77,503
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,460.58
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)$925.50
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$21.37
Prepaid interest, second (1 days)$54.36
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$47,725Through Nov 2026
Assumption only · ends Mar 2051$105,411
Assumption + second · ends Mar 2051, second Dec 2056$509,657
New conventional · ends Dec 2056$831,145