Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,375/mo
Lowest payment- Down payment
- $323,528
- Funds due
- $336,091
- Interest + MI left
- $78,337
- First ends
- Jan 2051
Assumption
Assumption + second
$3,310/mo
+$1,934/mo- Down payment
- $53,528
- Funds due
- $67,685
- Interest + MI left
- $504,689
- First ends
- Jan 2051
New loan
New conventional
$3,711/mo
+$2,336/mo- Down payment
- $53,528
- Funds due
- $64,199
- Interest + MI left
- $695,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,972 | $205,972 | $475,972 |
| Second mortgage | — | $270,000 | — |
| First P&I | $983.77 | $983.77 | $3,224.40 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $95.19 |
| Taxes, insurance & HOA | $391.50 | $391.50 | $391.50 |
| Total housing payment | $1,375.27 | $3,309.58 | $3,711.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,528
Closing costs & prepaids$14,157
Usable credit−$0
Total buyer cash needed$67,685
Earnest money paid−$0
Remaining funds due$67,685
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,295.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,029.86
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)$635.50
Initial HOA (3 months)$39.00
Prepaid interest, first (6 days)$95.82
Prepaid interest, second (6 days)$343.97
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 2.83%
Interest already paid$37,325Through Dec 2026
Assumption only · ends Jan 2051$78,337
Assumption + second · ends Jan 2051, second Jan 2057$504,689
New conventional · ends Jan 2057$695,950