Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,984/mo
Lowest payment- Down payment
- $317,216
- Funds due
- $331,671
- Interest + MI left
- $134,414
- First ends
- Dec 2051
Assumption
Assumption + second
$3,790/mo
+$1,805/mo- Down payment
- $65,216
- Funds due
- $80,974
- Interest + MI left
- $532,343
- First ends
- Dec 2051
New loan
New conventional
$4,598/mo
+$2,614/mo- Down payment
- $65,216
- Funds due
- $76,654
- Interest + MI left
- $886,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,783 | $332,783 | $584,783 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,552.15 | $1,552.15 | $4,048.92 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | — | — | $116.96 |
| Taxes, insurance & HOA | $432.17 | $432.17 | $432.17 |
| Total housing payment | $1,984.32 | $3,789.68 | $4,598.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,216
Closing costs & prepaids$15,758
Usable credit−$0
Total buyer cash needed$80,974
Earnest money paid−$0
Remaining funds due$80,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,663.91
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)$614.50
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$26.17
Prepaid interest, second (1 days)$53.51
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 closing25 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$50,010Through Nov 2026
Assumption only · ends Dec 2051$134,414
Assumption + second · ends Dec 2051, second Dec 2056$532,343
New conventional · ends Dec 2056$886,863