Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $196,464
- Funds due
- $208,554
- Interest + MI left
- $97,883
- First ends
- Feb 2051
Assumption
Assumption + second
$2,739/mo
+$1,101/mo- Down payment
- $46,464
- Funds due
- $59,870
- Interest + MI left
- $344,116
- First ends
- Feb 2051
New loan
New conventional
$3,324/mo
+$1,685/mo- Down payment
- $46,464
- Funds due
- $56,131
- Interest + MI left
- $619,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,436 | $258,436 | $408,436 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,224.47 | $1,224.47 | $2,827.93 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $81.69 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $1,638.47 | $2,739.11 | $3,323.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,464
Closing costs & prepaids$13,407
Usable credit−$0
Total buyer cash needed$59,870
Earnest money paid−$0
Remaining funds due$59,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,549.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,292.18
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)$637.00
Initial HOA (3 months)$105.00
Prepaid interest, first (2 days)$39.65
Prepaid interest, second (2 days)$65.75
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 3 moOf the original 30-year loan at 2.800%
Interest already paid$44,925Through Nov 2026
Assumption only · ends Feb 2051$97,883
Assumption + second · ends Feb 2051, second Dec 2056$344,116
New conventional · ends Dec 2056$619,339