Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $290,888
- Funds due
- $304,233
- Interest + MI left
- $103,128
- First ends
- Sep 2051
Assumption
Assumption + second
$3,390/mo
+$1,684/mo- Down payment
- $55,888
- Funds due
- $70,783
- Interest + MI left
- $474,213
- First ends
- Sep 2051
New loan
New conventional
$3,933/mo
+$2,226/mo- Down payment
- $55,888
- Funds due
- $67,047
- Interest + MI left
- $722,375
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,112 | $259,112 | $494,112 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,219.67 | $1,219.67 | $3,347.29 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $1,706.33 | $3,389.90 | $3,932.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,888
Closing costs & prepaids$14,895
Usable credit−$0
Total buyer cash needed$70,783
Earnest money paid−$0
Remaining funds due$70,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,295.56
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)$660.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$122.24
Prepaid interest, second (6 days)$299.38
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 9 moOf the original 30-year loan at 2.87%
Interest already paid$41,790Through Dec 2026
Assumption only · ends Sep 2051$103,128
Assumption + second · ends Sep 2051, second Jan 2057$474,213
New conventional · ends Jan 2057$722,375