Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,270/mo
Lowest payment- Down payment
- $223,462
- Funds due
- $241,830
- Interest + MI left
- $215,618
- First ends
- Aug 2051
Assumption
Assumption + second
$4,356/mo
+$1,086/mo- Down payment
- $75,462
- Funds due
- $95,372
- Interest + MI left
- $458,568
- First ends
- Aug 2051
New loan
New conventional
$5,464/mo
+$2,194/mo- Down payment
- $75,462
- Funds due
- $90,464
- Interest + MI left
- $984,824
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,538 | $525,538 | $673,538 |
| Second mortgage | — | $148,000 | — |
| First P&I | $2,503.91 | $2,503.91 | $4,562.78 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $134.71 |
| Taxes, insurance & HOA | $766.25 | $766.25 | $766.25 |
| Total housing payment | $3,270.16 | $4,356.13 | $5,463.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,462
Closing costs & prepaids$19,910
Usable credit−$0
Total buyer cash needed$95,372
Earnest money paid−$0
Remaining funds due$95,372
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,627.69
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.75
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$383.57
Prepaid interest, second (9 days)$291.95
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$88,838Through Dec 2026
Assumption only · ends Aug 2051$215,618
Assumption + second · ends Aug 2051, second Jan 2057$458,568
New conventional · ends Jan 2057$984,824