Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $231,142
- Funds due
- $242,788
- Interest + MI left
- $135,596
- First ends
- Jul 2047
Assumption
Assumption + second
$3,201/mo
+$1,365/mo- Down payment
- $45,142
- Funds due
- $58,119
- Interest + MI left
- $440,924
- First ends
- Jul 2047
New loan
New conventional
$3,291/mo
+$1,455/mo- Down payment
- $45,142
- Funds due
- $54,552
- Interest + MI left
- $613,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,758 | $218,758 | $404,758 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,428.84 | $1,428.84 | $2,802.46 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $80.95 |
| Taxes, insurance & HOA | $407.83 | $407.83 | $407.83 |
| Total housing payment | $1,836.68 | $3,201.48 | $3,291.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,142
Closing costs & prepaids$12,977
Usable credit−$0
Total buyer cash needed$58,119
Earnest money paid−$0
Remaining funds due$58,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,093.79
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)$476.50
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$61.13
Prepaid interest, second (2 days)$81.53
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 closing20 yr 8 moOf the original 25-year loan at 5.100%
Interest already paid$51,057Through Nov 2026
Assumption only · ends Jul 2047$135,596
Assumption + second · ends Jul 2047, second Dec 2056$440,924
New conventional · ends Dec 2056$613,843