Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,559/mo
Lowest payment- Down payment
- $477,371
- Funds due
- $492,112
- Interest + MI left
- $81,151
- First ends
- Feb 2051
Assumption
Assumption + second
$4,475/mo
+$2,916/mo- Down payment
- $70,371
- Funds due
- $87,139
- Interest + MI left
- $723,838
- First ends
- Feb 2051
New loan
New conventional
$4,885/mo
+$3,326/mo- Down payment
- $70,371
- Funds due
- $83,484
- Interest + MI left
- $913,311
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,629 | $217,629 | $624,629 |
| Second mortgage | — | $407,000 | — |
| First P&I | $1,030.28 | $1,030.28 | $4,231.45 |
| Second P&I | — | $2,915.80 | — |
| Mortgage insurance | — | — | $124.93 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $1,558.94 | $4,474.74 | $4,885.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,371
Closing costs & prepaids$16,769
Usable credit−$0
Total buyer cash needed$87,139
Earnest money paid−$0
Remaining funds due$87,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.15
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)$834.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$148.64
Prepaid interest, second (9 days)$777.76
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$38,033Through Dec 2026
Assumption only · ends Feb 2051$81,151
Assumption + second · ends Feb 2051, second Jan 2057$723,838
New conventional · ends Jan 2057$913,311