Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
Lowest payment- Down payment
- $261,292
- Funds due
- $278,427
- Interest + MI left
- $185,886
- First ends
- Nov 2051
Assumption
Assumption + second
$4,133/mo
+$1,379/mo- Down payment
- $73,292
- Funds due
- $91,966
- Interest + MI left
- $494,498
- First ends
- Nov 2051
New loan
New conventional
$5,126/mo
+$2,372/mo- Down payment
- $73,292
- Funds due
- $87,225
- Interest + MI left
- $952,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $463,608 | $463,608 | $651,608 |
| Second mortgage | — | $188,000 | — |
| First P&I | $2,172.22 | $2,172.22 | $4,414.22 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $130.32 |
| Taxes, insurance & HOA | $581.67 | $581.67 | $581.67 |
| Total housing payment | $2,753.89 | $4,133.37 | $5,126.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,292
Closing costs & prepaids$18,674
Usable credit−$0
Total buyer cash needed$91,966
Earnest money paid−$0
Remaining funds due$91,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,318.04
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)$225.00
Prepaid interest, first (7 days)$255.17
Prepaid interest, second (7 days)$288.44
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$72,213Through Dec 2026
Assumption only · ends Nov 2051$185,886
Assumption + second · ends Nov 2051, second Jan 2057$494,498
New conventional · ends Jan 2057$952,759