Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $257,443
- Funds due
- $272,690
- Interest + MI left
- $144,997
- First ends
- Jul 2051
Assumption
Assumption + second
$3,970/mo
+$1,453/mo- Down payment
- $59,443
- Funds due
- $75,983
- Interest + MI left
- $470,024
- First ends
- Jul 2051
New loan
New conventional
$4,665/mo
+$2,147/mo- Down payment
- $59,443
- Funds due
- $71,743
- Interest + MI left
- $796,937
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,557 | $327,557 | $525,557 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,596.47 | $1,596.47 | $3,638.85 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | — | — | $105.11 |
| Taxes, insurance & HOA | $920.83 | $920.83 | $920.83 |
| Total housing payment | $2,517.30 | $3,970.15 | $4,664.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,443
Closing costs & prepaids$16,540
Usable credit−$0
Total buyer cash needed$75,983
Earnest money paid−$0
Remaining funds due$75,983
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,637.79
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)$531.50
Initial HOA (3 months)$1,731.00
Prepaid interest, first (1 days)$28.45
Prepaid interest, second (1 days)$43.40
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 8 moOf the original 30-year loan at 3.170%
Interest already paid$59,173Through Nov 2026
Assumption only · ends Jul 2051$144,997
Assumption + second · ends Jul 2051, second Dec 2056$470,024
New conventional · ends Dec 2056$796,937