Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $207,976
- Funds due
- $220,240
- Interest + MI left
- $109,142
- First ends
- Aug 2051
Assumption
Assumption + second
$2,830/mo
+$1,174/mo- Down payment
- $47,976
- Funds due
- $61,560
- Interest + MI left
- $371,790
- First ends
- Aug 2051
New loan
New conventional
$3,431/mo
+$1,775/mo- Down payment
- $47,976
- Funds due
- $57,762
- Interest + MI left
- $647,525
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,024 | $267,024 | $427,024 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,266.55 | $1,266.55 | $2,956.63 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $85.40 |
| Taxes, insurance & HOA | $389.08 | $389.08 | $389.08 |
| Total housing payment | $1,655.63 | $2,829.65 | $3,431.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,976
Closing costs & prepaids$13,584
Usable credit−$0
Total buyer cash needed$61,560
Earnest money paid−$0
Remaining funds due$61,560
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,335.12
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)$522.25
Initial HOA (3 months)$144.99
Prepaid interest, first (2 days)$43.02
Prepaid interest, second (2 days)$70.14
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 9 moOf the original 30-year loan at 2.940%
Interest already paid$44,085Through Nov 2026
Assumption only · ends Aug 2051$109,142
Assumption + second · ends Aug 2051, second Dec 2056$371,790
New conventional · ends Dec 2056$647,525