Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,311/mo
Lowest payment- Down payment
- $203,704
- Funds due
- $218,017
- Interest + MI left
- $124,812
- First ends
- Apr 2051
Assumption
Assumption + second
$3,405/mo
+$1,093/mo- Down payment
- $54,704
- Funds due
- $70,332
- Interest + MI left
- $369,404
- First ends
- Apr 2051
New loan
New conventional
$4,195/mo
+$1,883/mo- Down payment
- $54,704
- Funds due
- $66,142
- Interest + MI left
- $735,887
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,296 | $336,296 | $485,296 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,573.75 | $1,573.75 | $3,360.09 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $97.06 |
| Taxes, insurance & HOA | $737.67 | $737.67 | $737.67 |
| Total housing payment | $2,311.42 | $3,404.72 | $4,194.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,704
Closing costs & prepaids$15,628
Usable credit−$0
Total buyer cash needed$70,332
Earnest money paid−$0
Remaining funds due$70,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,681.48
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)$1,350.00
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$50.31
Prepaid interest, second (2 days)$65.32
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 2.730%
Interest already paid$55,240Through Nov 2026
Assumption only · ends Apr 2051$124,812
Assumption + second · ends Apr 2051, second Dec 2056$369,404
New conventional · ends Dec 2056$735,887