Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $338,229
- Funds due
- $352,960
- Interest + MI left
- $123,557
- First ends
- Feb 2051
Assumption
Assumption + second
$3,951/mo
+$1,934/mo- Down payment
- $68,229
- Funds due
- $84,268
- Interest + MI left
- $549,910
- First ends
- Feb 2051
New loan
New conventional
$4,757/mo
+$2,741/mo- Down payment
- $68,229
- Funds due
- $79,899
- Interest + MI left
- $920,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,771 | $336,771 | $606,771 |
| Second mortgage | — | $270,000 | — |
| First P&I | $1,581.88 | $1,581.88 | $4,201.16 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $121.35 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $2,016.63 | $3,950.95 | $4,757.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,229
Closing costs & prepaids$16,039
Usable credit−$0
Total buyer cash needed$84,268
Earnest money paid−$0
Remaining funds due$84,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,683.85
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)$585.25
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$25.10
Prepaid interest, second (1 days)$57.33
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$56,921Through Nov 2026
Assumption only · ends Feb 2051$123,557
Assumption + second · ends Feb 2051, second Dec 2056$549,910
New conventional · ends Dec 2056$920,088