Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,335/mo
Lowest payment- Down payment
- $227,727
- Funds due
- $242,347
- Interest + MI left
- $164,209
- First ends
- Jul 2051
Assumption
Assumption + second
$3,568/mo
+$1,233/mo- Down payment
- $59,727
- Funds due
- $75,929
- Interest + MI left
- $439,990
- First ends
- Jul 2051
New loan
New conventional
$4,248/mo
+$1,913/mo- Down payment
- $59,727
- Funds due
- $71,794
- Interest + MI left
- $775,201
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $530,173 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,591.58 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $106.03 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $2,335.01 | $3,567.74 | $4,248.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,727
Closing costs & prepaids$16,201
Usable credit−$0
Total buyer cash needed$75,929
Earnest money paid−$0
Remaining funds due$75,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.86
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)$708.00
Initial HOA (3 months)$444.00
Prepaid interest, first (9 days)$290.23
Prepaid interest, second (9 days)$331.40
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$164,209
Assumption + second · ends Jul 2051, second Jan 2057$439,990
New conventional · ends Jan 2057$775,201