Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $246,896
- Funds due
- $259,356
- Interest + MI left
- $88,499
- First ends
- Feb 2051
Assumption
Assumption + second
$3,012/mo
+$1,446/mo- Down payment
- $49,896
- Funds due
- $63,865
- Interest + MI left
- $411,885
- First ends
- Feb 2051
New loan
New conventional
$3,492/mo
+$1,926/mo- Down payment
- $49,896
- Funds due
- $60,259
- Interest + MI left
- $643,417
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,104 | $243,104 | $440,104 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,143.46 | $1,143.46 | $2,981.42 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $88.02 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $1,566.13 | $3,011.64 | $3,492.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,896
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$63,865
Earnest money paid−$0
Remaining funds due$63,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,215.52
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)$588.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$108.30
Prepaid interest, second (6 days)$259.07
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 2.71%
Interest already paid$41,593Through Dec 2026
Assumption only · ends Feb 2051$88,499
Assumption + second · ends Feb 2051, second Jan 2057$411,885
New conventional · ends Jan 2057$643,417