Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $424,788
- Funds due
- $439,309
- Interest + MI left
- $92,888
- First ends
- Jan 2051
Assumption
Assumption + second
$4,260/mo
+$2,558/mo- Down payment
- $67,788
- Funds due
- $83,635
- Interest + MI left
- $656,621
- First ends
- Jan 2051
New loan
New conventional
$4,826/mo
+$3,124/mo- Down payment
- $67,788
- Funds due
- $79,715
- Interest + MI left
- $913,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,212 | $245,212 | $602,212 |
| Second mortgage | — | $357,000 | — |
| First P&I | $1,165.86 | $1,165.86 | $4,169.59 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | — | — | $120.44 |
| Taxes, insurance & HOA | $536.08 | $536.08 | $536.08 |
| Total housing payment | $1,701.95 | $4,259.54 | $4,826.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,788
Closing costs & prepaids$15,847
Usable credit−$0
Total buyer cash needed$83,635
Earnest money paid−$0
Remaining funds due$83,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,226.06
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)$769.25
Initial HOA (3 months)$339.00
Prepaid interest, first (1 days)$18.88
Prepaid interest, second (1 days)$75.80
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$43,452Through Nov 2026
Assumption only · ends Jan 2051$92,888
Assumption + second · ends Jan 2051, second Dec 2056$656,621
New conventional · ends Dec 2056$913,175