Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,134/mo
Lowest payment- Down payment
- $257,217
- Funds due
- $268,122
- Interest + MI left
- $56,054
- First ends
- Feb 2051
Assumption
Assumption + second
$2,682/mo
+$1,547/mo- Down payment
- $41,217
- Funds due
- $53,464
- Interest + MI left
- $397,137
- First ends
- Feb 2051
New loan
New conventional
$3,044/mo
+$1,909/mo- Down payment
- $41,217
- Funds due
- $50,280
- Interest + MI left
- $559,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,783 | $152,783 | $368,783 |
| Second mortgage | — | $216,000 | — |
| First P&I | $717.65 | $717.65 | $2,553.38 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $73.76 |
| Taxes, insurance & HOA | $416.83 | $416.83 | $416.83 |
| Total housing payment | $1,134.49 | $2,681.94 | $3,043.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,217
Closing costs & prepaids$12,247
Usable credit−$0
Total buyer cash needed$53,464
Earnest money paid−$0
Remaining funds due$53,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$763.92
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$500.50
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$22.77
Prepaid interest, second (2 days)$91.73
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$25,823Through Nov 2026
Assumption only · ends Feb 2051$56,054
Assumption + second · ends Feb 2051, second Dec 2056$397,137
New conventional · ends Dec 2056$559,284