Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,925/mo
Lowest payment- Down payment
- $298,338
- Funds due
- $316,189
- Interest + MI left
- $193,304
- First ends
- Jan 2051
Assumption
Assumption + second
$4,487/mo
+$1,562/mo- Down payment
- $80,338
- Funds due
- $99,716
- Interest + MI left
- $537,545
- First ends
- Jan 2051
New loan
New conventional
$5,522/mo
+$2,597/mo- Down payment
- $80,338
- Funds due
- $94,716
- Interest + MI left
- $1,044,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,662 | $496,662 | $714,662 |
| Second mortgage | — | $218,000 | — |
| First P&I | $2,387.43 | $2,387.43 | $4,841.37 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $142.93 |
| Taxes, insurance & HOA | $537.75 | $537.75 | $537.75 |
| Total housing payment | $2,925.17 | $4,486.95 | $5,522.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,338
Closing costs & prepaids$19,378
Usable credit−$0
Total buyer cash needed$99,716
Earnest money paid−$0
Remaining funds due$99,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,483.31
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)$954.00
Initial HOA (3 months)$9.24
Prepaid interest, first (6 days)$235.95
Prepaid interest, second (6 days)$277.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 2.89%
Interest already paid$91,847Through Dec 2026
Assumption only · ends Jan 2051$193,304
Assumption + second · ends Jan 2051, second Jan 2057$537,545
New conventional · ends Jan 2057$1,044,954