Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
Lowest payment- Down payment
- $258,902
- Funds due
- $272,387
- Interest + MI left
- $155,804
- First ends
- Aug 2048
Assumption
Assumption + second
$3,715/mo
+$1,476/mo- Down payment
- $52,902
- Funds due
- $67,725
- Interest + MI left
- $481,095
- First ends
- Aug 2048
New loan
New conventional
$3,986/mo
+$1,747/mo- Down payment
- $52,902
- Funds due
- $63,859
- Interest + MI left
- $715,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,098 | $266,098 | $472,098 |
| Second mortgage | — | $206,000 | — |
| First P&I | $1,616.48 | $1,616.48 | $3,268.71 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | — | — | $94.42 |
| Taxes, insurance & HOA | $623.09 | $623.09 | $623.09 |
| Total housing payment | $2,239.57 | $3,715.38 | $3,986.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,902
Closing costs & prepaids$14,822
Usable credit−$0
Total buyer cash needed$67,725
Earnest money paid−$0
Remaining funds due$67,725
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%)$1,330.49
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)$659.25
Initial HOA (3 months)$710.01
Prepaid interest, first (2 days)$67.22
Prepaid interest, second (2 days)$87.48
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 closing21 yr 9 moOf the original 30-year loan at 4.610%
Interest already paid$111,175Through Nov 2026
Assumption only · ends Aug 2048$155,804
Assumption + second · ends Aug 2048, second Dec 2056$481,095
New conventional · ends Dec 2056$715,968