Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $255,235
- Funds due
- $267,570
- Interest + MI left
- $84,436
- First ends
- Jan 2051
Assumption
Assumption + second
$2,978/mo
+$1,476/mo- Down payment
- $49,235
- Funds due
- $63,082
- Interest + MI left
- $409,727
- First ends
- Jan 2051
New loan
New conventional
$3,469/mo
+$1,966/mo- Down payment
- $49,235
- Funds due
- $59,531
- Interest + MI left
- $643,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,765 | $233,765 | $439,765 |
| Second mortgage | — | $206,000 | — |
| First P&I | $1,101.04 | $1,101.04 | $2,979.12 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | — | — | $87.95 |
| Taxes, insurance & HOA | $401.58 | $401.58 | $401.58 |
| Total housing payment | $1,502.62 | $2,978.43 | $3,468.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,235
Closing costs & prepaids$13,848
Usable credit−$0
Total buyer cash needed$63,082
Earnest money paid−$0
Remaining funds due$63,082
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,168.83
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)$586.75
Initial HOA (3 months)$117.99
Prepaid interest, first (6 days)$103.75
Prepaid interest, second (6 days)$262.44
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 2.7%
Interest already paid$40,477Through Dec 2026
Assumption only · ends Jan 2051$84,436
Assumption + second · ends Jan 2051, second Jan 2057$409,727
New conventional · ends Jan 2057$643,009