Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $217,136
- Funds due
- $230,249
- Interest + MI left
- $121,052
- First ends
- Oct 2051
Assumption
Assumption + second
$3,064/mo
+$1,211/mo- Down payment
- $52,136
- Funds due
- $66,716
- Interest + MI left
- $391,909
- First ends
- Oct 2051
New loan
New conventional
$3,690/mo
+$1,837/mo- Down payment
- $52,136
- Funds due
- $62,833
- Interest + MI left
- $682,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,864 | $301,864 | $466,864 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,419.18 | $1,419.18 | $3,162.70 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $93.37 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $1,853.43 | $3,064.14 | $3,690.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,136
Closing costs & prepaids$14,580
Usable credit−$0
Total buyer cash needed$66,716
Earnest money paid−$0
Remaining funds due$66,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,509.32
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)$622.75
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$142.91
Prepaid interest, second (6 days)$216.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.88%
Interest already paid$48,013Through Dec 2026
Assumption only · ends Oct 2051$121,052
Assumption + second · ends Oct 2051, second Jan 2057$391,909
New conventional · ends Jan 2057$682,632