Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $322,183
- Funds due
- $336,056
- Interest + MI left
- $85,497
- First ends
- Mar 2051
Assumption
Assumption + second
$3,681/mo
+$1,906/mo- Down payment
- $56,183
- Funds due
- $71,701
- Interest + MI left
- $505,533
- First ends
- Mar 2051
New loan
New conventional
$4,178/mo
+$2,403/mo- Down payment
- $56,183
- Funds due
- $68,084
- Interest + MI left
- $736,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,817 | $237,817 | $503,817 |
| Second mortgage | — | $266,000 | — |
| First P&I | $1,111.04 | $1,111.04 | $3,413.03 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | — | — | $100.76 |
| Taxes, insurance & HOA | $664.67 | $664.67 | $664.67 |
| Total housing payment | $1,775.71 | $3,681.37 | $4,178.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,183
Closing costs & prepaids$15,518
Usable credit−$0
Total buyer cash needed$71,701
Earnest money paid−$0
Remaining funds due$71,701
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,189.09
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)$672.00
Initial HOA (3 months)$822.00
Prepaid interest, first (7 days)$121.78
Prepaid interest, second (7 days)$395.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.67%
Interest already paid$39,479Through Dec 2026
Assumption only · ends Mar 2051$85,497
Assumption + second · ends Mar 2051, second Jan 2057$505,533
New conventional · ends Jan 2057$736,664