Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $329,188
- Funds due
- $342,850
- Interest + MI left
- $93,171
- First ends
- Apr 2051
Assumption
Assumption + second
$3,590/mo
+$1,927/mo- Down payment
- $60,188
- Funds due
- $75,443
- Interest + MI left
- $517,945
- First ends
- Apr 2051
New loan
New conventional
$4,164/mo
+$2,501/mo- Down payment
- $60,188
- Funds due
- $71,644
- Interest + MI left
- $781,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,812 | $265,812 | $534,812 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,229.40 | $1,229.40 | $3,623.00 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $106.96 |
| Taxes, insurance & HOA | $433.84 | $433.84 | $433.84 |
| Total housing payment | $1,663.23 | $3,590.38 | $4,163.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,188
Closing costs & prepaids$15,255
Usable credit−$0
Total buyer cash needed$75,443
Earnest money paid−$0
Remaining funds due$75,443
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,329.06
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)$714.00
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$113.61
Prepaid interest, second (6 days)$342.70
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 4 moOf the original 30-year loan at 2.6%
Interest already paid$42,323Through Dec 2026
Assumption only · ends Apr 2051$93,171
Assumption + second · ends Apr 2051, second Jan 2057$517,945
New conventional · ends Jan 2057$781,984