Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $330,904
- Funds due
- $344,995
- Interest + MI left
- $110,550
- First ends
- Jan 2051
Assumption
Assumption + second
$3,742/mo
+$1,920/mo- Down payment
- $62,904
- Funds due
- $78,586
- Interest + MI left
- $533,745
- First ends
- Jan 2051
New loan
New conventional
$4,342/mo
+$2,520/mo- Down payment
- $62,904
- Funds due
- $74,630
- Interest + MI left
- $821,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,096 | $294,096 | $562,096 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,400.16 | $1,400.16 | $3,807.83 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $112.42 |
| Taxes, insurance & HOA | $422.25 | $422.25 | $422.25 |
| Total housing payment | $1,822.41 | $3,742.39 | $4,342.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,904
Closing costs & prepaids$15,682
Usable credit−$0
Total buyer cash needed$78,586
Earnest money paid−$0
Remaining funds due$78,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.48
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)$750.00
Initial HOA (3 months)$16.74
Prepaid interest, first (6 days)$135.36
Prepaid interest, second (6 days)$341.42
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 2.8%
Interest already paid$52,748Through Dec 2026
Assumption only · ends Jan 2051$110,550
Assumption + second · ends Jan 2051, second Jan 2057$533,745
New conventional · ends Jan 2057$821,877