Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $269,260
- Funds due
- $282,332
- Interest + MI left
- $103,721
- First ends
- Dec 2051
Assumption
Assumption + second
$3,202/mo
+$1,547/mo- Down payment
- $53,260
- Funds due
- $67,995
- Interest + MI left
- $444,803
- First ends
- Dec 2051
New loan
New conventional
$3,764/mo
+$2,110/mo- Down payment
- $53,260
- Funds due
- $64,364
- Interest + MI left
- $697,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,740 | $260,740 | $476,740 |
| Second mortgage | — | $216,000 | — |
| First P&I | $1,214.87 | $1,214.87 | $3,229.60 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $95.35 |
| Taxes, insurance & HOA | $439.34 | $439.34 | $439.34 |
| Total housing payment | $1,654.21 | $3,201.66 | $3,764.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,260
Closing costs & prepaids$14,735
Usable credit−$0
Total buyer cash needed$67,995
Earnest money paid−$0
Remaining funds due$67,995
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,303.70
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)$636.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$182.59
Prepaid interest, second (9 days)$412.77
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 closing25 yrOf the original 30-year loan at 2.84%
Interest already paid$39,492Through Dec 2026
Assumption only · ends Dec 2051$103,721
Assumption + second · ends Dec 2051, second Jan 2057$444,803
New conventional · ends Jan 2057$697,073