Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,931/mo
Lowest payment- Down payment
- $248,605
- Funds due
- $262,273
- Interest + MI left
- $122,788
- First ends
- Jul 2051
Assumption
Assumption + second
$3,347/mo
+$1,416/mo- Down payment
- $55,605
- Funds due
- $70,903
- Interest + MI left
- $439,607
- First ends
- Jul 2051
New loan
New conventional
$3,937/mo
+$2,007/mo- Down payment
- $55,605
- Funds due
- $67,076
- Interest + MI left
- $721,425
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,395 | $300,395 | $493,395 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,434.52 | $1,434.52 | $3,342.43 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $98.68 |
| Taxes, insurance & HOA | $496.25 | $496.25 | $496.25 |
| Total housing payment | $1,930.77 | $3,346.93 | $3,937.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,605
Closing costs & prepaids$15,299
Usable credit−$0
Total buyer cash needed$70,903
Earnest money paid−$0
Remaining funds due$70,903
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,501.98
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)$330.00
Prepaid interest, first (9 days)$219.25
Prepaid interest, second (9 days)$380.71
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$51,639Through Dec 2026
Assumption only · ends Jul 2051$122,788
Assumption + second · ends Jul 2051, second Jan 2057$439,607
New conventional · ends Jan 2057$721,425