Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $286,264
- Funds due
- $303,651
- Interest + MI left
- $184,108
- First ends
- Aug 2051
Assumption
Assumption + second
$4,289/mo
+$1,519/mo- Down payment
- $74,264
- Funds due
- $93,306
- Interest + MI left
- $518,874
- First ends
- Aug 2051
New loan
New conventional
$5,241/mo
+$2,470/mo- Down payment
- $74,264
- Funds due
- $88,714
- Interest + MI left
- $966,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,736 | $448,736 | $660,736 |
| Second mortgage | — | $212,000 | — |
| First P&I | $2,137.99 | $2,137.99 | $4,476.06 |
| Second P&I | — | $1,518.79 | — |
| Mortgage insurance | — | — | $132.15 |
| Taxes, insurance & HOA | $632.67 | $632.67 | $632.67 |
| Total housing payment | $2,770.65 | $4,289.45 | $5,240.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,264
Closing costs & prepaids$19,042
Usable credit−$0
Total buyer cash needed$93,306
Earnest money paid−$0
Remaining funds due$93,306
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,243.68
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)$882.00
Initial HOA (3 months)$366.00
Prepaid interest, first (9 days)$327.52
Prepaid interest, second (9 days)$405.12
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$75,855Through Dec 2026
Assumption only · ends Aug 2051$184,108
Assumption + second · ends Aug 2051, second Jan 2057$518,874
New conventional · ends Jan 2057$966,105