Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,562/mo
Lowest payment- Down payment
- $456,462
- Funds due
- $470,948
- Interest + MI left
- $90,377
- First ends
- Apr 2051
Assumption
Assumption + second
$4,328/mo
+$2,765/mo- Down payment
- $70,462
- Funds due
- $86,362
- Interest + MI left
- $699,904
- First ends
- Apr 2051
New loan
New conventional
$4,904/mo
+$3,341/mo- Down payment
- $70,462
- Funds due
- $82,455
- Interest + MI left
- $953,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,538 | $242,538 | $628,538 |
| Second mortgage | — | $386,000 | — |
| First P&I | $1,136.23 | $1,136.23 | $4,351.87 |
| Second P&I | — | $2,765.35 | — |
| Mortgage insurance | — | — | $125.71 |
| Taxes, insurance & HOA | $426.08 | $426.08 | $426.08 |
| Total housing payment | $1,562.31 | $4,327.66 | $4,903.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,462
Closing costs & prepaids$15,899
Usable credit−$0
Total buyer cash needed$86,362
Earnest money paid−$0
Remaining funds due$86,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,212.69
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)$454.25
Initial HOA (3 months)$324.00
Prepaid interest, first (2 days)$36.41
Prepaid interest, second (2 days)$163.92
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 2.740%
Interest already paid$39,981Through Nov 2026
Assumption only · ends Apr 2051$90,377
Assumption + second · ends Apr 2051, second Dec 2056$699,904
New conventional · ends Dec 2056$953,220