Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $266,003
- Funds due
- $282,522
- Interest + MI left
- $154,934
- First ends
- Jul 2051
Assumption
Assumption + second
$4,341/mo
+$1,454/mo- Down payment
- $63,003
- Funds due
- $80,815
- Interest + MI left
- $475,488
- First ends
- Jul 2051
New loan
New conventional
$5,173/mo
+$2,286/mo- Down payment
- $63,003
- Funds due
- $76,364
- Interest + MI left
- $859,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,996 | $363,996 | $566,996 |
| Second mortgage | — | $203,000 | — |
| First P&I | $1,753.14 | $1,753.14 | $3,925.77 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | — | — | $113.40 |
| Taxes, insurance & HOA | $1,133.67 | $1,133.67 | $1,133.67 |
| Total housing payment | $2,886.81 | $4,341.13 | $5,172.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,003
Closing costs & prepaids$17,813
Usable credit−$0
Total buyer cash needed$80,815
Earnest money paid−$0
Remaining funds due$80,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,299.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.98
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)$1,575.00
Initial HOA (3 months)$1,326.00
Prepaid interest, first (1 days)$30.52
Prepaid interest, second (1 days)$43.10
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$63,544Through Nov 2026
Assumption only · ends Jul 2051$154,934
Assumption + second · ends Jul 2051, second Dec 2056$475,488
New conventional · ends Dec 2056$859,888