Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,030/mo
Lowest payment- Down payment
- $266,632
- Funds due
- $280,749
- Interest + MI left
- $127,068
- First ends
- Jan 2051
Assumption
Assumption + second
$3,513/mo
+$1,483/mo- Down payment
- $59,632
- Funds due
- $75,394
- Interest + MI left
- $453,939
- First ends
- Jan 2051
New loan
New conventional
$4,160/mo
+$2,130/mo- Down payment
- $59,632
- Funds due
- $71,459
- Interest + MI left
- $770,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,368 | $320,368 | $527,368 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,548.22 | $1,548.22 | $3,572.57 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $105.47 |
| Taxes, insurance & HOA | $481.50 | $481.50 | $481.50 |
| Total housing payment | $2,029.72 | $3,512.70 | $4,159.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,632
Closing costs & prepaids$15,762
Usable credit−$0
Total buyer cash needed$75,394
Earnest money paid−$0
Remaining funds due$75,394
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,870.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,601.84
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)$704.50
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$232.24
Prepaid interest, second (9 days)$395.57
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 1 moOf the original 30-year loan at 2.94%
Interest already paid$60,236Through Dec 2026
Assumption only · ends Jan 2051$127,068
Assumption + second · ends Jan 2051, second Jan 2057$453,939
New conventional · ends Jan 2057$770,994