Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $212,642
- Funds due
- $226,916
- Interest + MI left
- $140,061
- First ends
- Aug 2051
Assumption
Assumption + second
$3,364/mo
+$1,123/mo- Down payment
- $59,642
- Funds due
- $75,200
- Interest + MI left
- $391,218
- First ends
- Aug 2051
New loan
New conventional
$4,273/mo
+$2,032/mo- Down payment
- $59,642
- Funds due
- $70,725
- Interest + MI left
- $802,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,358 | $376,358 | $529,358 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,738.78 | $1,738.78 | $3,665.17 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $105.87 |
| Taxes, insurance & HOA | $502.33 | $502.33 | $502.33 |
| Total housing payment | $2,241.12 | $3,363.78 | $4,273.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,642
Closing costs & prepaids$15,558
Usable credit−$0
Total buyer cash needed$75,200
Earnest money paid−$0
Remaining funds due$75,200
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,881.79
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)$599.00
Initial HOA (3 months)$408.00
Prepaid interest, first (1 days)$27.84
Prepaid interest, second (1 days)$33.53
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 2.700%
Interest already paid$57,205Through Nov 2026
Assumption only · ends Aug 2051$140,061
Assumption + second · ends Aug 2051, second Dec 2056$391,218
New conventional · ends Dec 2056$802,701