Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $139,055
- Funds due
- $153,694
- Interest + MI left
- $153,131
- First ends
- Apr 2051
Assumption
Assumption + second
$3,286/mo
+$676/mo- Down payment
- $55,055
- Funds due
- $70,986
- Interest + MI left
- $312,449
- First ends
- Apr 2051
New loan
New conventional
$4,211/mo
+$1,601/mo- Down payment
- $55,055
- Funds due
- $66,435
- Interest + MI left
- $750,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,945 | $410,945 | $494,945 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,925.17 | $1,925.17 | $3,426.90 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $98.99 |
| Taxes, insurance & HOA | $685.00 | $685.00 | $685.00 |
| Total housing payment | $2,610.17 | $3,286.06 | $4,210.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,055
Closing costs & prepaids$15,931
Usable credit−$0
Total buyer cash needed$70,986
Earnest money paid−$0
Remaining funds due$70,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,054.72
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)$1,375.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$61.70
Prepaid interest, second (2 days)$41.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$67,742Through Nov 2026
Assumption only · ends Apr 2051$153,131
Assumption + second · ends Apr 2051, second Dec 2056$312,449
New conventional · ends Dec 2056$750,617