Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $345,651
- Funds due
- $358,809
- Interest + MI left
- $110,921
- First ends
- Aug 2051
Assumption
Assumption + second
$3,539/mo
+$2,035/mo- Down payment
- $61,651
- Funds due
- $76,119
- Interest + MI left
- $559,381
- First ends
- Aug 2051
New loan
New conventional
$4,166/mo
+$2,662/mo- Down payment
- $61,651
- Funds due
- $72,144
- Interest + MI left
- $839,191
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,349 | $269,349 | $553,349 |
| Second mortgage | — | $284,000 | — |
| First P&I | $1,280.37 | $1,280.37 | $3,831.28 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | — | — | $110.67 |
| Taxes, insurance & HOA | $224.00 | $224.00 | $224.00 |
| Total housing payment | $1,504.37 | $3,538.98 | $4,165.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,651
Closing costs & prepaids$14,469
Usable credit−$0
Total buyer cash needed$76,119
Earnest money paid−$0
Remaining funds due$76,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,346.75
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)$140.75
Initial HOA (3 months)$31.26
Prepaid interest, first (1 days)$21.84
Prepaid interest, second (1 days)$60.30
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$44,763Through Nov 2026
Assumption only · ends Aug 2051$110,921
Assumption + second · ends Aug 2051, second Dec 2056$559,381
New conventional · ends Dec 2056$839,191