Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,806/mo
Lowest payment- Down payment
- $468,479
- Funds due
- $484,443
- Interest + MI left
- $100,984
- First ends
- Feb 2051
Assumption
Assumption + second
$4,636/mo
+$2,830/mo- Down payment
- $73,479
- Funds due
- $91,280
- Interest + MI left
- $724,722
- First ends
- Feb 2051
New loan
New conventional
$5,118/mo
+$3,311/mo- Down payment
- $73,479
- Funds due
- $87,387
- Interest + MI left
- $952,631
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,521 | $256,521 | $651,521 |
| Second mortgage | — | $395,000 | — |
| First P&I | $1,232.78 | $1,232.78 | $4,413.63 |
| Second P&I | — | $2,829.83 | — |
| Mortgage insurance | — | — | $130.30 |
| Taxes, insurance & HOA | $573.67 | $573.67 | $573.67 |
| Total housing payment | $1,806.44 | $4,636.27 | $5,117.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,479
Closing costs & prepaids$17,802
Usable credit−$0
Total buyer cash needed$91,280
Earnest money paid−$0
Remaining funds due$91,280
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,282.61
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$201.00
Prepaid interest, first (7 days)$143.16
Prepaid interest, second (7 days)$587.09
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 2 moOf the original 30-year loan at 2.91%
Interest already paid$47,020Through Dec 2026
Assumption only · ends Feb 2051$100,984
Assumption + second · ends Feb 2051, second Jan 2057$724,722
New conventional · ends Jan 2057$952,631