Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,687/mo
Lowest payment- Down payment
- $246,022
- Funds due
- $258,860
- Interest + MI left
- $104,549
- First ends
- Jul 2051
Assumption
Assumption + second
$3,125/mo
+$1,438/mo- Down payment
- $50,022
- Funds due
- $64,497
- Interest + MI left
- $426,293
- First ends
- Jul 2051
New loan
New conventional
$3,609/mo
+$1,923/mo- Down payment
- $50,022
- Funds due
- $60,907
- Interest + MI left
- $657,796
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,878 | $253,878 | $449,878 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,215.01 | $1,215.01 | $3,047.63 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $89.98 |
| Taxes, insurance & HOA | $471.67 | $471.67 | $471.67 |
| Total housing payment | $1,686.67 | $3,124.85 | $3,609.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,022
Closing costs & prepaids$14,475
Usable credit−$0
Total buyer cash needed$64,497
Earnest money paid−$0
Remaining funds due$64,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,269.39
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)$600.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$186.55
Prepaid interest, second (9 days)$386.63
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 2.98%
Interest already paid$43,928Through Dec 2026
Assumption only · ends Jul 2051$104,549
Assumption + second · ends Jul 2051, second Jan 2057$426,293
New conventional · ends Jan 2057$657,796