Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,498/mo
Lowest payment- Down payment
- $297,639
- Funds due
- $313,651
- Interest + MI left
- $135,736
- First ends
- Feb 2051
Assumption
Assumption + second
$4,146/mo
+$1,648/mo- Down payment
- $67,639
- Funds due
- $85,340
- Interest + MI left
- $498,926
- First ends
- Feb 2051
New loan
New conventional
$4,943/mo
+$2,445/mo- Down payment
- $67,639
- Funds due
- $81,140
- Interest + MI left
- $879,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,361 | $371,361 | $601,361 |
| Second mortgage | — | $230,000 | — |
| First P&I | $1,748.61 | $1,748.61 | $4,073.83 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $120.27 |
| Taxes, insurance & HOA | $749.25 | $749.25 | $749.25 |
| Total housing payment | $2,497.86 | $4,145.61 | $4,943.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,639
Closing costs & prepaids$17,701
Usable credit−$0
Total buyer cash needed$85,340
Earnest money paid−$0
Remaining funds due$85,340
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,856.81
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)$802.75
Initial HOA (3 months)$945.00
Prepaid interest, first (9 days)$249.07
Prepaid interest, second (9 days)$439.52
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$63,764Through Dec 2026
Assumption only · ends Feb 2051$135,736
Assumption + second · ends Feb 2051, second Jan 2057$498,926
New conventional · ends Jan 2057$879,289