Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $482,575
- Funds due
- $498,520
- Interest + MI left
- $92,968
- First ends
- Apr 2051
Assumption
Assumption + second
$4,667/mo
+$2,930/mo- Down payment
- $73,575
- Funds due
- $91,291
- Interest + MI left
- $738,813
- First ends
- Apr 2051
New loan
New conventional
$5,160/mo
+$3,423/mo- Down payment
- $73,575
- Funds due
- $87,405
- Interest + MI left
- $964,188
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,425 | $250,425 | $659,425 |
| Second mortgage | — | $409,000 | — |
| First P&I | $1,176.00 | $1,176.00 | $4,467.17 |
| Second P&I | — | $2,930.13 | — |
| Mortgage insurance | — | — | $131.89 |
| Taxes, insurance & HOA | $560.91 | $560.91 | $560.91 |
| Total housing payment | $1,736.92 | $4,667.04 | $5,159.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,575
Closing costs & prepaids$17,717
Usable credit−$0
Total buyer cash needed$91,291
Earnest money paid−$0
Remaining funds due$91,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,330.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,252.13
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)$879.50
Initial HOA (3 months)$153.24
Prepaid interest, first (6 days)$112.79
Prepaid interest, second (6 days)$521.05
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$41,954Through Dec 2026
Assumption only · ends Apr 2051$92,968
Assumption + second · ends Apr 2051, second Jan 2057$738,813
New conventional · ends Jan 2057$964,188