Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,588/mo
Lowest payment- Down payment
- $314,226
- Funds due
- $331,312
- Interest + MI left
- $156,945
- First ends
- Mar 2051
Assumption
Assumption + second
$4,300/mo
+$1,712/mo- Down payment
- $75,226
- Funds due
- $93,867
- Interest + MI left
- $534,346
- First ends
- Mar 2051
New loan
New conventional
$5,253/mo
+$2,666/mo- Down payment
- $75,226
- Funds due
- $89,197
- Interest + MI left
- $985,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,774 | $434,774 | $673,774 |
| Second mortgage | — | $239,000 | — |
| First P&I | $2,033.40 | $2,033.40 | $4,564.38 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | — | — | $134.75 |
| Taxes, insurance & HOA | $554.33 | $554.33 | $554.33 |
| Total housing payment | $2,587.73 | $4,299.95 | $5,253.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,226
Closing costs & prepaids$18,641
Usable credit−$0
Total buyer cash needed$93,867
Earnest money paid−$0
Remaining funds due$93,867
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,173.87
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)$898.75
Initial HOA (3 months)$114.24
Prepaid interest, first (6 days)$191.54
Prepaid interest, second (6 days)$304.48
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$72,438Through Dec 2026
Assumption only · ends Mar 2051$156,945
Assumption + second · ends Mar 2051, second Jan 2057$534,346
New conventional · ends Jan 2057$985,169