Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,083/mo
Lowest payment- Down payment
- $216,443
- Funds due
- $230,128
- Interest + MI left
- $121,779
- First ends
- Oct 2051
Assumption
Assumption + second
$3,286/mo
+$1,203/mo- Down payment
- $52,443
- Funds due
- $67,414
- Interest + MI left
- $390,993
- First ends
- Oct 2051
New loan
New conventional
$3,987/mo
+$1,904/mo- Down payment
- $52,443
- Funds due
- $63,369
- Interest + MI left
- $707,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,557 | $302,557 | $466,557 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,419.18 | $1,419.18 | $3,230.35 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $93.31 |
| Taxes, insurance & HOA | $663.58 | $663.58 | $663.58 |
| Total housing payment | $2,082.77 | $3,286.14 | $3,987.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,443
Closing costs & prepaids$14,971
Usable credit−$0
Total buyer cash needed$67,414
Earnest money paid−$0
Remaining funds due$67,414
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,512.78
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)$1,310.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$23.87
Prepaid interest, second (1 days)$35.95
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$47,287Through Nov 2026
Assumption only · ends Oct 2051$121,779
Assumption + second · ends Oct 2051, second Dec 2056$390,993
New conventional · ends Dec 2056$707,472