Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,339/mo
Lowest payment- Down payment
- $234,299
- Funds due
- $245,888
- Interest + MI left
- $81,084
- First ends
- Mar 2051
Assumption
Assumption + second
$2,718/mo
+$1,379/mo- Down payment
- $46,299
- Funds due
- $59,221
- Interest + MI left
- $389,696
- First ends
- Mar 2051
New loan
New conventional
$3,232/mo
+$1,893/mo- Down payment
- $46,299
- Funds due
- $55,643
- Interest + MI left
- $625,889
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,701 | $224,701 | $412,701 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,047.21 | $1,047.21 | $2,857.46 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $82.54 |
| Taxes, insurance & HOA | $291.67 | $291.67 | $291.67 |
| Total housing payment | $1,338.88 | $2,718.35 | $3,231.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,299
Closing costs & prepaids$12,922
Usable credit−$0
Total buyer cash needed$59,221
Earnest money paid−$0
Remaining funds due$59,221
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,123.50
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$32.87
Prepaid interest, second (2 days)$82.41
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$36,711Through Nov 2026
Assumption only · ends Mar 2051$81,084
Assumption + second · ends Mar 2051, second Dec 2056$389,696
New conventional · ends Dec 2056$625,889