Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,610/mo
Lowest payment- Down payment
- $250,631
- Funds due
- $262,857
- Interest + MI left
- $70,628
- First ends
- Apr 2048
Assumption
Assumption + second
$3,072/mo
+$1,461/mo- Down payment
- $46,631
- Funds due
- $60,194
- Interest + MI left
- $392,761
- First ends
- Apr 2048
New loan
New conventional
$3,482/mo
+$1,871/mo- Down payment
- $46,631
- Funds due
- $56,663
- Interest + MI left
- $634,485
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,369 | $214,369 | $418,369 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,108.94 | $1,108.94 | $2,896.70 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $83.67 |
| Taxes, insurance & HOA | $501.25 | $501.25 | $501.25 |
| Total housing payment | $1,610.19 | $3,071.67 | $3,481.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,631
Closing costs & prepaids$13,563
Usable credit−$0
Total buyer cash needed$60,194
Earnest money paid−$0
Remaining funds due$60,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,071.85
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)$997.00
Initial HOA (3 months)$6.75
Prepaid interest, first (2 days)$32.77
Prepaid interest, second (2 days)$86.63
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 closing21 yr 5 moOf the original 27-year loan at 2.790%
Interest already paid$36,461Through Nov 2026
Assumption only · ends Apr 2048$70,628
Assumption + second · ends Apr 2048, second Dec 2056$392,761
New conventional · ends Dec 2056$634,485