Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,140/mo
Lowest payment- Down payment
- $312,026
- Funds due
- $326,689
- Interest + MI left
- $165,192
- First ends
- Jul 2051
Assumption
Assumption + second
$3,888/mo
+$1,748/mo- Down payment
- $68,026
- Funds due
- $84,043
- Interest + MI left
- $550,489
- First ends
- Jul 2051
New loan
New conventional
$4,679/mo
+$2,540/mo- Down payment
- $68,026
- Funds due
- $79,583
- Interest + MI left
- $920,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $606,974 |
| Second mortgage | — | $244,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $4,202.57 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | — | — | $121.39 |
| Taxes, insurance & HOA | $355.33 | $355.33 | $355.33 |
| Total housing payment | $2,139.68 | $3,887.72 | $4,679.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,026
Closing costs & prepaids$16,017
Usable credit−$0
Total buyer cash needed$84,043
Earnest money paid−$0
Remaining funds due$84,043
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%)$1,814.87
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)$541.00
Initial HOA (3 months)$24.99
Prepaid interest, first (2 days)$64.64
Prepaid interest, second (2 days)$103.62
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 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
Assumption + second · ends Jul 2051, second Dec 2056$550,489
New conventional · ends Dec 2056$920,517