Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $197,720
- Funds due
- $211,379
- Interest + MI left
- $114,784
- First ends
- Jan 2051
Assumption
Assumption + second
$3,209/mo
+$1,086/mo- Down payment
- $49,720
- Funds due
- $64,856
- Interest + MI left
- $357,734
- First ends
- Jan 2051
New loan
New conventional
$3,803/mo
+$1,679/mo- Down payment
- $49,720
- Funds due
- $61,053
- Interest + MI left
- $650,927
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,180 | $297,180 | $445,180 |
| Second mortgage | — | $148,000 | — |
| First P&I | $1,425.48 | $1,425.48 | $3,015.80 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $89.04 |
| Taxes, insurance & HOA | $697.67 | $697.67 | $697.67 |
| Total housing payment | $2,123.15 | $3,209.12 | $3,802.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,720
Closing costs & prepaids$15,137
Usable credit−$0
Total buyer cash needed$64,856
Earnest money paid−$0
Remaining funds due$64,856
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,485.90
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)$594.00
Initial HOA (3 months)$999.00
Prepaid interest, first (7 days)$163.57
Prepaid interest, second (7 days)$227.07
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 1 moOf the original 30-year loan at 2.87%
Interest already paid$54,589Through Dec 2026
Assumption only · ends Jan 2051$114,784
Assumption + second · ends Jan 2051, second Jan 2057$357,734
New conventional · ends Jan 2057$650,927