Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,676/mo
Lowest payment- Down payment
- $285,945
- Funds due
- $299,304
- Interest + MI left
- $78,184
- First ends
- Jan 2051
Assumption
Assumption + second
$3,323/mo
+$1,648/mo- Down payment
- $55,945
- Funds due
- $70,847
- Interest + MI left
- $441,373
- First ends
- Jan 2051
New loan
New conventional
$3,937/mo
+$2,261/mo- Down payment
- $55,945
- Funds due
- $67,118
- Interest + MI left
- $722,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,955 | $263,955 | $493,955 |
| Second mortgage | — | $230,000 | — |
| First P&I | $1,183.87 | $1,183.87 | $3,346.22 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $98.79 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $1,675.54 | $3,323.29 | $3,936.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,945
Closing costs & prepaids$14,902
Usable credit−$0
Total buyer cash needed$70,847
Earnest money paid−$0
Remaining funds due$70,847
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,319.78
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)$315.00
Prepaid interest, first (6 days)$97.63
Prepaid interest, second (6 days)$293.01
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 2.25%
Interest already paid$38,295Through Dec 2026
Assumption only · ends Jan 2051$78,184
Assumption + second · ends Jan 2051, second Jan 2057$441,373
New conventional · ends Jan 2057$722,145