Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,531/mo
Lowest payment- Down payment
- $267,214
- Funds due
- $279,657
- Interest + MI left
- $96,897
- First ends
- Sep 2051
Assumption
Assumption + second
$3,085/mo
+$1,555/mo- Down payment
- $50,214
- Funds due
- $63,999
- Interest + MI left
- $439,558
- First ends
- Sep 2051
New loan
New conventional
$3,628/mo
+$2,097/mo- Down payment
- $50,214
- Funds due
- $60,342
- Interest + MI left
- $681,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,686 | $232,686 | $449,686 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,105.98 | $1,105.98 | $3,113.54 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $89.94 |
| Taxes, insurance & HOA | $424.75 | $424.75 | $424.75 |
| Total housing payment | $1,530.74 | $3,085.35 | $3,628.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,214
Closing costs & prepaids$13,785
Usable credit−$0
Total buyer cash needed$63,999
Earnest money paid−$0
Remaining funds due$63,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,163.43
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)$487.25
Initial HOA (3 months)$287.01
Prepaid interest, first (2 days)$37.99
Prepaid interest, second (2 days)$92.15
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$38,257Through Nov 2026
Assumption only · ends Sep 2051$96,897
Assumption + second · ends Sep 2051, second Dec 2056$439,558
New conventional · ends Dec 2056$681,979