Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,673/mo
Lowest payment- Down payment
- $273,542
- Funds due
- $286,615
- Interest + MI left
- $89,489
- First ends
- Oct 2051
Assumption
Assumption + second
$3,278/mo
+$1,605/mo- Down payment
- $49,542
- Funds due
- $64,293
- Interest + MI left
- $443,204
- First ends
- Oct 2051
New loan
New conventional
$3,736/mo
+$2,063/mo- Down payment
- $49,542
- Funds due
- $60,849
- Interest + MI left
- $651,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,458 | $221,458 | $445,458 |
| Second mortgage | — | $224,000 | — |
| First P&I | $1,043.45 | $1,043.45 | $3,017.69 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | — | — | $89.09 |
| Taxes, insurance & HOA | $629.67 | $629.67 | $629.67 |
| Total housing payment | $1,673.11 | $3,277.88 | $3,736.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,542
Closing costs & prepaids$14,751
Usable credit−$0
Total buyer cash needed$64,293
Earnest money paid−$0
Remaining funds due$64,293
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,107.29
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)$594.00
Initial HOA (3 months)$795.00
Prepaid interest, first (9 days)$158.36
Prepaid interest, second (9 days)$428.05
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 10 moOf the original 30-year loan at 2.9%
Interest already paid$35,462Through Dec 2026
Assumption only · ends Oct 2051$89,489
Assumption + second · ends Oct 2051, second Jan 2057$443,204
New conventional · ends Jan 2057$651,333