Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,653/mo
Lowest payment- Down payment
- $349,618
- Funds due
- $363,312
- Interest + MI left
- $96,708
- First ends
- Jan 2051
Assumption
Assumption + second
$3,723/mo
+$2,070/mo- Down payment
- $60,618
- Funds due
- $75,930
- Interest + MI left
- $553,064
- First ends
- Jan 2051
New loan
New conventional
$4,214/mo
+$2,561/mo- Down payment
- $60,618
- Funds due
- $72,179
- Interest + MI left
- $788,666
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,382 | $250,382 | $539,382 |
| Second mortgage | — | $289,000 | — |
| First P&I | $1,201.00 | $1,201.00 | $3,653.96 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | — | — | $107.88 |
| Taxes, insurance & HOA | $452.00 | $452.00 | $452.00 |
| Total housing payment | $1,653.00 | $3,723.43 | $4,213.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,618
Closing costs & prepaids$15,312
Usable credit−$0
Total buyer cash needed$75,930
Earnest money paid−$0
Remaining funds due$75,930
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,251.91
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)$720.00
Initial HOA (3 months)$135.99
Prepaid interest, first (6 days)$118.13
Prepaid interest, second (6 days)$368.18
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 2.87%
Interest already paid$45,993Through Dec 2026
Assumption only · ends Jan 2051$96,708
Assumption + second · ends Jan 2051, second Jan 2057$553,064
New conventional · ends Jan 2057$788,666