Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,324/mo
Lowest payment- Down payment
- $183,926
- Funds due
- $194,734
- Interest + MI left
- $83,013
- First ends
- Jun 2051
Assumption
Assumption + second
$2,381/mo
+$1,057/mo- Down payment
- $39,926
- Funds due
- $52,047
- Interest + MI left
- $319,396
- First ends
- Jun 2051
New loan
New conventional
$2,872/mo
+$1,548/mo- Down payment
- $39,926
- Funds due
- $48,578
- Interest + MI left
- $544,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,074 | $215,074 | $359,074 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,010.46 | $1,010.46 | $2,486.16 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $71.81 |
| Taxes, insurance & HOA | $313.67 | $313.67 | $313.67 |
| Total housing payment | $1,324.13 | $2,380.75 | $2,871.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,926
Closing costs & prepaids$12,121
Usable credit−$0
Total buyer cash needed$52,047
Earnest money paid−$0
Remaining funds due$52,047
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,075.37
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)$323.00
Initial HOA (3 months)$168.00
Prepaid interest, first (2 days)$33.12
Prepaid interest, second (2 days)$63.12
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 7 moOf the original 30-year loan at 2.810%
Interest already paid$35,154Through Nov 2026
Assumption only · ends Jun 2051$83,013
Assumption + second · ends Jun 2051, second Dec 2056$319,396
New conventional · ends Dec 2056$544,560