Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,412/mo
Lowest payment- Down payment
- $326,398
- Funds due
- $342,466
- Interest + MI left
- $135,165
- First ends
- Jul 2051
Assumption
Assumption + second
$4,253/mo
+$1,841/mo- Down payment
- $69,398
- Funds due
- $87,207
- Interest + MI left
- $540,990
- First ends
- Jul 2051
New loan
New conventional
$5,031/mo
+$2,620/mo- Down payment
- $69,398
- Funds due
- $83,033
- Interest + MI left
- $900,112
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,602 | $358,602 | $615,602 |
| Second mortgage | — | $257,000 | — |
| First P&I | $1,673.79 | $1,673.79 | $4,170.30 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $123.12 |
| Taxes, insurance & HOA | $738.00 | $738.00 | $738.00 |
| Total housing payment | $2,411.79 | $4,252.96 | $5,031.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,398
Closing costs & prepaids$17,809
Usable credit−$0
Total buyer cash needed$87,207
Earnest money paid−$0
Remaining funds due$87,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,793.01
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)$822.00
Initial HOA (3 months)$891.99
Prepaid interest, first (9 days)$243.16
Prepaid interest, second (9 days)$491.12
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 7 moOf the original 30-year loan at 2.75%
Interest already paid$57,399Through Dec 2026
Assumption only · ends Jul 2051$135,165
Assumption + second · ends Jul 2051, second Jan 2057$540,990
New conventional · ends Jan 2057$900,112