Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,181/mo
Lowest payment- Down payment
- $309,024
- Funds due
- $323,901
- Interest + MI left
- $88,680
- First ends
- Apr 2051
Assumption
Assumption + second
$4,001/mo
+$1,820/mo- Down payment
- $55,024
- Funds due
- $71,259
- Interest + MI left
- $489,768
- First ends
- Apr 2051
New loan
New conventional
$4,582/mo
+$2,401/mo- Down payment
- $55,024
- Funds due
- $67,518
- Interest + MI left
- $750,513
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,876 | $240,876 | $494,876 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,124.76 | $1,124.76 | $3,426.42 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | — | — | $98.98 |
| Taxes, insurance & HOA | $1,056.67 | $1,056.67 | $1,056.67 |
| Total housing payment | $2,181.43 | $4,001.12 | $4,582.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,024
Closing costs & prepaids$16,235
Usable credit−$0
Total buyer cash needed$71,259
Earnest money paid−$0
Remaining funds due$71,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,204.38
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)$1,365.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (2 days)$35.77
Prepaid interest, second (2 days)$107.86
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 2.710%
Interest already paid$39,285Through Nov 2026
Assumption only · ends Apr 2051$88,680
Assumption + second · ends Apr 2051, second Dec 2056$489,768
New conventional · ends Dec 2056$750,513