Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,938/mo
Lowest payment- Down payment
- $208,815
- Funds due
- $222,322
- Interest + MI left
- $102,608
- First ends
- Mar 2051
Assumption
Assumption + second
$3,068/mo
+$1,130/mo- Down payment
- $54,815
- Funds due
- $69,774
- Interest + MI left
- $355,407
- First ends
- Mar 2051
New loan
New conventional
$3,842/mo
+$1,904/mo- Down payment
- $54,815
- Funds due
- $65,759
- Interest + MI left
- $713,807
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,185 | $334,185 | $488,185 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,501.00 | $1,501.00 | $3,307.14 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $97.64 |
| Taxes, insurance & HOA | $436.83 | $436.83 | $436.83 |
| Total housing payment | $1,937.84 | $3,067.83 | $3,841.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,815
Closing costs & prepaids$14,959
Usable credit−$0
Total buyer cash needed$69,774
Earnest money paid−$0
Remaining funds due$69,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,430.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,670.92
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)$651.50
Initial HOA (3 months)$159.00
Prepaid interest, first (6 days)$126.90
Prepaid interest, second (6 days)$202.52
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 3 moOf the original 30-year loan at 2.31%
Interest already paid$48,200Through Dec 2026
Assumption only · ends Mar 2051$102,608
Assumption + second · ends Mar 2051, second Jan 2057$355,407
New conventional · ends Jan 2057$713,807