Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $215,566
- Funds due
- $229,857
- Interest + MI left
- $134,551
- First ends
- Jun 2051
Assumption
Assumption + second
$3,534/mo
+$1,196/mo- Down payment
- $52,566
- Funds due
- $68,143
- Interest + MI left
- $402,124
- First ends
- Jun 2051
New loan
New conventional
$4,199/mo
+$1,860/mo- Down payment
- $52,566
- Funds due
- $64,061
- Interest + MI left
- $716,478
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,434 | $309,434 | $472,434 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,505.03 | $1,505.03 | $3,271.04 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $94.49 |
| Taxes, insurance & HOA | $833.17 | $833.17 | $833.17 |
| Total housing payment | $2,338.20 | $3,534.24 | $4,198.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,566
Closing costs & prepaids$15,577
Usable credit−$0
Total buyer cash needed$68,143
Earnest money paid−$0
Remaining funds due$68,143
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,547.17
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)$1,312.50
Initial HOA (3 months)$687.00
Prepaid interest, first (1 days)$26.54
Prepaid interest, second (1 days)$35.73
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 7 moOf the original 30-year loan at 3.130%
Interest already paid$56,149Through Nov 2026
Assumption only · ends Jun 2051$134,551
Assumption + second · ends Jun 2051, second Dec 2056$402,124
New conventional · ends Dec 2056$716,478