Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,376/mo
Lowest payment- Down payment
- $233,538
- Funds due
- $248,456
- Interest + MI left
- $126,964
- First ends
- Sep 2051
Assumption
Assumption + second
$3,682/mo
+$1,306/mo- Down payment
- $55,538
- Funds due
- $72,058
- Interest + MI left
- $419,161
- First ends
- Sep 2051
New loan
New conventional
$4,327/mo
+$1,952/mo- Down payment
- $55,538
- Funds due
- $68,179
- Interest + MI left
- $721,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,362 | $315,362 | $493,362 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,489.31 | $1,489.31 | $3,342.21 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $98.67 |
| Taxes, insurance & HOA | $886.25 | $886.25 | $886.25 |
| Total housing payment | $2,375.56 | $3,681.66 | $4,327.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,538
Closing costs & prepaids$16,519
Usable credit−$0
Total buyer cash needed$72,058
Earnest money paid−$0
Remaining funds due$72,058
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,489.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,576.81
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)$658.75
Initial HOA (3 months)$1,500.00
Prepaid interest, first (9 days)$225.51
Prepaid interest, second (9 days)$351.12
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 2.9%
Interest already paid$51,378Through Dec 2026
Assumption only · ends Sep 2051$126,964
Assumption + second · ends Sep 2051, second Jan 2057$419,161
New conventional · ends Jan 2057$721,377