Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,279/mo
Lowest payment- Down payment
- $276,605
- Funds due
- $291,750
- Interest + MI left
- $137,101
- First ends
- Apr 2051
Assumption
Assumption + second
$3,791/mo
+$1,512/mo- Down payment
- $65,605
- Funds due
- $82,314
- Interest + MI left
- $470,288
- First ends
- Apr 2051
New loan
New conventional
$4,624/mo
+$2,345/mo- Down payment
- $65,605
- Funds due
- $78,026
- Interest + MI left
- $861,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,382 | $378,382 | $589,382 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,765.35 | $1,765.35 | $3,992.68 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $117.88 |
| Taxes, insurance & HOA | $513.67 | $513.67 | $513.67 |
| Total housing payment | $2,279.02 | $3,790.65 | $4,624.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,605
Closing costs & prepaids$16,709
Usable credit−$0
Total buyer cash needed$82,314
Earnest money paid−$0
Remaining funds due$82,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,549.87
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,891.91
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)$786.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$194.48
Prepaid interest, second (7 days)$313.61
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.68%
Interest already paid$62,044Through Dec 2026
Assumption only · ends Apr 2051$137,101
Assumption + second · ends Apr 2051, second Jan 2057$470,288
New conventional · ends Jan 2057$861,774