Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,357/mo
Lowest payment- Down payment
- $250,879
- Funds due
- $262,382
- Interest + MI left
- $77,459
- First ends
- Jan 2051
Assumption
Assumption + second
$2,825/mo
+$1,469/mo- Down payment
- $45,879
- Funds due
- $58,719
- Interest + MI left
- $401,171
- First ends
- Jan 2051
New loan
New conventional
$3,281/mo
+$1,925/mo- Down payment
- $45,879
- Funds due
- $55,268
- Interest + MI left
- $612,644
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,021 | $199,021 | $404,021 |
| Second mortgage | — | $205,000 | — |
| First P&I | $953.38 | $953.38 | $2,797.36 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $403.17 | $403.17 | $403.17 |
| Total housing payment | $1,356.54 | $2,825.19 | $3,281.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,879
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$58,719
Earnest money paid−$0
Remaining funds due$58,719
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$995.10
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)$477.50
Initial HOA (3 months)$282.00
Prepaid interest, first (2 days)$31.41
Prepaid interest, second (2 days)$87.05
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$36,116Through Nov 2026
Assumption only · ends Jan 2051$77,459
Assumption + second · ends Jan 2051, second Dec 2056$401,171
New conventional · ends Dec 2056$612,644