Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $335,047
- Funds due
- $349,412
- Interest + MI left
- $110,803
- First ends
- Sep 2051
Assumption
Assumption + second
$3,813/mo
+$1,956/mo- Down payment
- $62,047
- Funds due
- $78,183
- Interest + MI left
- $541,893
- First ends
- Sep 2051
New loan
New conventional
$4,416/mo
+$2,559/mo- Down payment
- $62,047
- Funds due
- $74,363
- Interest + MI left
- $815,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,953 | $284,953 | $557,953 |
| Second mortgage | — | $273,000 | — |
| First P&I | $1,332.51 | $1,332.51 | $3,779.77 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | — | — | $111.59 |
| Taxes, insurance & HOA | $524.67 | $524.67 | $524.67 |
| Total housing payment | $1,857.18 | $3,812.98 | $4,416.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,047
Closing costs & prepaids$16,136
Usable credit−$0
Total buyer cash needed$78,183
Earnest money paid−$0
Remaining funds due$78,183
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,424.76
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)$744.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$197.44
Prepaid interest, second (9 days)$521.69
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 9 moOf the original 30-year loan at 2.81%
Interest already paid$45,025Through Dec 2026
Assumption only · ends Sep 2051$110,803
Assumption + second · ends Sep 2051, second Jan 2057$541,893
New conventional · ends Jan 2057$815,820