Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,078/mo
Lowest payment- Down payment
- $334,806
- Funds due
- $349,844
- Interest + MI left
- $126,897
- First ends
- Sep 2051
Assumption
Assumption + second
$4,005/mo
+$1,927/mo- Down payment
- $65,806
- Funds due
- $82,608
- Interest + MI left
- $551,670
- First ends
- Sep 2051
New loan
New conventional
$4,664/mo
+$2,586/mo- Down payment
- $65,806
- Funds due
- $78,626
- Interest + MI left
- $854,188
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,194 | $315,194 | $584,194 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,488.52 | $1,488.52 | $3,957.53 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $116.84 |
| Taxes, insurance & HOA | $589.67 | $589.67 | $589.67 |
| Total housing payment | $2,078.19 | $4,005.34 | $4,664.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,806
Closing costs & prepaids$16,802
Usable credit−$0
Total buyer cash needed$82,608
Earnest money paid−$0
Remaining funds due$82,608
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,575.97
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)$780.00
Initial HOA (3 months)$489.00
Prepaid interest, first (9 days)$225.39
Prepaid interest, second (9 days)$514.05
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$51,351Through Dec 2026
Assumption only · ends Sep 2051$126,897
Assumption + second · ends Sep 2051, second Jan 2057$551,670
New conventional · ends Jan 2057$854,188