Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,734/mo
Lowest payment- Down payment
- $349,411
- Funds due
- $363,406
- Interest + MI left
- $104,395
- First ends
- Feb 2051
Assumption
Assumption + second
$3,783/mo
+$2,049/mo- Down payment
- $63,411
- Funds due
- $79,021
- Interest + MI left
- $556,013
- First ends
- Feb 2051
New loan
New conventional
$4,341/mo
+$2,606/mo- Down payment
- $63,411
- Funds due
- $75,137
- Interest + MI left
- $821,136
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,589 | $275,589 | $561,589 |
| Second mortgage | — | $286,000 | — |
| First P&I | $1,310.29 | $1,310.29 | $3,804.40 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $112.32 |
| Taxes, insurance & HOA | $424.17 | $424.17 | $424.17 |
| Total housing payment | $1,734.46 | $3,783.40 | $4,340.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,411
Closing costs & prepaids$15,610
Usable credit−$0
Total buyer cash needed$79,021
Earnest money paid−$0
Remaining funds due$79,021
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%)$1,377.95
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)$22.50
Prepaid interest, first (6 days)$127.30
Prepaid interest, second (6 days)$364.36
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 2 moOf the original 30-year loan at 2.81%
Interest already paid$48,835Through Dec 2026
Assumption only · ends Feb 2051$104,395
Assumption + second · ends Feb 2051, second Jan 2057$556,013
New conventional · ends Jan 2057$821,136