Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,124/mo
Lowest payment- Down payment
- $194,810
- Funds due
- $208,558
- Interest + MI left
- $126,492
- First ends
- Aug 2051
Assumption
Assumption + second
$3,152/mo
+$1,027/mo- Down payment
- $54,810
- Funds due
- $69,869
- Interest + MI left
- $356,309
- First ends
- Aug 2051
New loan
New conventional
$3,988/mo
+$1,864/mo- Down payment
- $54,810
- Funds due
- $65,642
- Interest + MI left
- $734,058
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,090 | $344,090 | $484,090 |
| Second mortgage | — | $140,000 | — |
| First P&I | $1,584.45 | $1,584.45 | $3,351.74 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $96.82 |
| Taxes, insurance & HOA | $539.83 | $539.83 | $539.83 |
| Total housing payment | $2,124.28 | $3,151.55 | $3,988.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,810
Closing costs & prepaids$15,059
Usable credit−$0
Total buyer cash needed$69,869
Earnest money paid−$0
Remaining funds due$69,869
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,389.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,720.45
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)$789.50
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$50.34
Prepaid interest, second (2 days)$61.37
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 9 moOf the original 30-year loan at 2.670%
Interest already paid$51,735Through Nov 2026
Assumption only · ends Aug 2051$126,492
Assumption + second · ends Aug 2051, second Dec 2056$356,309
New conventional · ends Dec 2056$734,058