Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $297,091
- Funds due
- $309,504
- Interest + MI left
- $76,747
- First ends
- Apr 2051
Assumption
Assumption + second
$3,197/mo
+$1,770/mo- Down payment
- $50,091
- Funds due
- $63,807
- Interest + MI left
- $466,781
- First ends
- Apr 2051
New loan
New conventional
$3,675/mo
+$2,247/mo- Down payment
- $50,091
- Funds due
- $60,277
- Interest + MI left
- $680,801
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,909 | $201,909 | $448,909 |
| Second mortgage | — | $247,000 | — |
| First P&I | $951.05 | $951.05 | $3,108.16 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $89.78 |
| Taxes, insurance & HOA | $476.83 | $476.83 | $476.83 |
| Total housing payment | $1,427.88 | $3,197.41 | $3,674.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,091
Closing costs & prepaids$13,716
Usable credit−$0
Total buyer cash needed$63,807
Earnest money paid−$0
Remaining funds due$63,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,009.55
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)$770.50
Initial HOA (3 months)$159.99
Prepaid interest, first (1 days)$15.43
Prepaid interest, second (1 days)$52.45
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 2.790%
Interest already paid$33,872Through Nov 2026
Assumption only · ends Apr 2051$76,747
Assumption + second · ends Apr 2051, second Dec 2056$466,781
New conventional · ends Dec 2056$680,801