Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,674/mo
Lowest payment- Down payment
- $193,938
- Funds due
- $209,191
- Interest + MI left
- $117,774
- First ends
- Apr 2051
Assumption
Assumption + second
$3,716/mo
+$1,042/mo- Down payment
- $51,938
- Funds due
- $68,472
- Interest + MI left
- $350,875
- First ends
- Apr 2051
New loan
New conventional
$4,457/mo
+$1,782/mo- Down payment
- $51,938
- Funds due
- $64,367
- Interest + MI left
- $694,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,061 | $316,061 | $458,061 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,480.67 | $1,480.67 | $3,171.52 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $91.61 |
| Taxes, insurance & HOA | $1,193.50 | $1,193.50 | $1,193.50 |
| Total housing payment | $2,674.17 | $3,716.11 | $4,456.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,938
Closing costs & prepaids$16,534
Usable credit−$0
Total buyer cash needed$68,472
Earnest money paid−$0
Remaining funds due$68,472
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,580.30
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)$1,682.50
Initial HOA (3 months)$1,398.00
Prepaid interest, first (1 days)$23.73
Prepaid interest, second (1 days)$31.12
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$52,101Through Nov 2026
Assumption only · ends Apr 2051$117,774
Assumption + second · ends Apr 2051, second Dec 2056$350,875
New conventional · ends Dec 2056$694,589