Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $216,629
- Funds due
- $228,853
- Interest + MI left
- $91,000
- First ends
- Jun 2051
Assumption
Assumption + second
$2,849/mo
+$1,247/mo- Down payment
- $46,629
- Funds due
- $60,178
- Interest + MI left
- $370,064
- First ends
- Jun 2051
New loan
New conventional
$3,413/mo
+$1,811/mo- Down payment
- $46,629
- Funds due
- $56,509
- Interest + MI left
- $626,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,371 | $243,371 | $413,371 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,133.46 | $1,133.46 | $2,862.10 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $82.67 |
| Taxes, insurance & HOA | $467.75 | $467.75 | $467.75 |
| Total housing payment | $1,601.21 | $2,848.61 | $3,412.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,629
Closing costs & prepaids$13,549
Usable credit−$0
Total buyer cash needed$60,178
Earnest money paid−$0
Remaining funds due$60,178
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,216.86
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)$33.25
Initial HOA (3 months)$870.00
Prepaid interest, first (2 days)$36.41
Prepaid interest, second (2 days)$74.52
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 7 moOf the original 30-year loan at 2.730%
Interest already paid$38,680Through Nov 2026
Assumption only · ends Jun 2051$91,000
Assumption + second · ends Jun 2051, second Dec 2056$370,064
New conventional · ends Dec 2056$626,822