Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,820/mo
Lowest payment- Down payment
- $334,384
- Funds due
- $348,463
- Interest + MI left
- $111,472
- First ends
- Sep 2051
Assumption
Assumption + second
$3,768/mo
+$1,949/mo- Down payment
- $62,384
- Funds due
- $77,771
- Interest + MI left
- $540,983
- First ends
- Sep 2051
New loan
New conventional
$4,459/mo
+$2,640/mo- Down payment
- $62,384
- Funds due
- $73,709
- Interest + MI left
- $845,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,616 | $285,616 | $557,616 |
| Second mortgage | — | $272,000 | — |
| First P&I | $1,332.51 | $1,332.51 | $3,860.82 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | — | — | $111.52 |
| Taxes, insurance & HOA | $487.08 | $487.08 | $487.08 |
| Total housing payment | $1,819.59 | $3,768.24 | $4,459.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,384
Closing costs & prepaids$15,387
Usable credit−$0
Total buyer cash needed$77,771
Earnest money paid−$0
Remaining funds due$77,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,428.08
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)$631.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$21.99
Prepaid interest, second (1 days)$57.75
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 10 moOf the original 30-year loan at 2.810%
Interest already paid$44,356Through Nov 2026
Assumption only · ends Sep 2051$111,472
Assumption + second · ends Sep 2051, second Dec 2056$540,983
New conventional · ends Dec 2056$845,662