Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,210/mo
Lowest payment- Down payment
- $255,521
- Funds due
- $266,569
- Interest + MI left
- $61,300
- First ends
- Aug 2051
Assumption
Assumption + second
$2,750/mo
+$1,540/mo- Down payment
- $40,521
- Funds due
- $52,865
- Interest + MI left
- $400,803
- First ends
- Aug 2051
New loan
New conventional
$3,074/mo
+$1,864/mo- Down payment
- $40,521
- Funds due
- $49,715
- Interest + MI left
- $543,586
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,479 | $143,479 | $358,479 |
| Second mortgage | — | $215,000 | — |
| First P&I | $689.49 | $689.49 | $2,482.04 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $71.70 |
| Taxes, insurance & HOA | $520.42 | $520.42 | $520.42 |
| Total housing payment | $1,209.91 | $2,750.20 | $3,074.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,521
Closing costs & prepaids$12,344
Usable credit−$0
Total buyer cash needed$52,865
Earnest money paid−$0
Remaining funds due$52,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$717.40
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$871.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$12.03
Prepaid interest, second (1 days)$45.65
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 3.060%
Interest already paid$24,625Through Nov 2026
Assumption only · ends Aug 2051$61,300
Assumption + second · ends Aug 2051, second Dec 2056$400,803
New conventional · ends Dec 2056$543,586