Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,096/mo
Lowest payment- Down payment
- $212,826
- Funds due
- $226,656
- Interest + MI left
- $127,669
- First ends
- Aug 2051
Assumption
Assumption + second
$3,270/mo
+$1,174/mo- Down payment
- $52,826
- Funds due
- $68,222
- Interest + MI left
- $390,317
- First ends
- Aug 2051
New loan
New conventional
$3,899/mo
+$1,804/mo- Down payment
- $52,826
- Funds due
- $64,387
- Interest + MI left
- $688,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,174 | $311,174 | $471,174 |
| Second mortgage | — | $160,000 | — |
| First P&I | $1,482.58 | $1,482.58 | $3,191.90 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $94.23 |
| Taxes, insurance & HOA | $613.25 | $613.25 | $613.25 |
| Total housing payment | $2,095.83 | $3,269.85 | $3,899.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,826
Closing costs & prepaids$15,396
Usable credit−$0
Total buyer cash needed$68,222
Earnest money paid−$0
Remaining funds due$68,222
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,555.87
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)$628.75
Initial HOA (3 months)$711.00
Prepaid interest, first (9 days)$227.11
Prepaid interest, second (9 days)$315.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.96%
Interest already paid$52,601Through Dec 2026
Assumption only · ends Aug 2051$127,669
Assumption + second · ends Aug 2051, second Jan 2057$390,317
New conventional · ends Jan 2057$688,934