Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $224,410
- Funds due
- $238,397
- Interest + MI left
- $105,009
- First ends
- Apr 2051
Assumption
Assumption + second
$3,233/mo
+$1,218/mo- Down payment
- $58,410
- Funds due
- $73,901
- Interest + MI left
- $377,506
- First ends
- Apr 2051
New loan
New conventional
$4,058/mo
+$2,043/mo- Down payment
- $58,410
- Funds due
- $69,826
- Interest + MI left
- $755,237
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,590 | $350,590 | $516,590 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,560.27 | $1,560.27 | $3,499.56 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $103.32 |
| Taxes, insurance & HOA | $454.67 | $454.67 | $454.67 |
| Total housing payment | $2,014.93 | $3,232.98 | $4,057.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,410
Closing costs & prepaids$15,491
Usable credit−$0
Total buyer cash needed$73,901
Earnest money paid−$0
Remaining funds due$73,901
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.95
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)$690.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$151.28
Prepaid interest, second (7 days)$254.68
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 2.25%
Interest already paid$48,504Through Dec 2026
Assumption only · ends Apr 2051$105,009
Assumption + second · ends Apr 2051, second Jan 2057$377,506
New conventional · ends Jan 2057$755,237