Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,205/mo
Lowest payment- Down payment
- $252,043
- Funds due
- $266,416
- Interest + MI left
- $130,931
- First ends
- Jan 2051
Assumption
Assumption + second
$3,614/mo
+$1,409/mo- Down payment
- $60,043
- Funds due
- $75,708
- Interest + MI left
- $446,109
- First ends
- Jan 2051
New loan
New conventional
$4,382/mo
+$2,177/mo- Down payment
- $60,043
- Funds due
- $71,390
- Interest + MI left
- $811,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,957 | $342,957 | $534,957 |
| Second mortgage | — | $192,000 | — |
| First P&I | $1,634.10 | $1,634.10 | $3,703.93 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $106.99 |
| Taxes, insurance & HOA | $571.33 | $571.33 | $571.33 |
| Total housing payment | $2,205.43 | $3,614.26 | $4,382.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,043
Closing costs & prepaids$15,665
Usable credit−$0
Total buyer cash needed$75,708
Earnest money paid−$0
Remaining funds due$75,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,714.78
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)$1,176.50
Initial HOA (3 months)$37.50
Prepaid interest, first (1 days)$26.59
Prepaid interest, second (1 days)$42.08
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$61,191Through Nov 2026
Assumption only · ends Jan 2051$130,931
Assumption + second · ends Jan 2051, second Dec 2056$446,109
New conventional · ends Dec 2056$811,298