Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $218,569
- Funds due
- $231,530
- Interest + MI left
- $108,191
- First ends
- Apr 2051
Assumption
Assumption + second
$3,029/mo
+$1,225/mo- Down payment
- $51,569
- Funds due
- $65,999
- Interest + MI left
- $382,330
- First ends
- Apr 2051
New loan
New conventional
$3,632/mo
+$1,829/mo- Down payment
- $51,569
- Funds due
- $62,173
- Interest + MI left
- $670,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,431 | $291,431 | $458,431 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,368.57 | $1,368.57 | $3,105.57 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $91.69 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $1,803.23 | $3,028.62 | $3,631.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,569
Closing costs & prepaids$14,430
Usable credit−$0
Total buyer cash needed$65,999
Earnest money paid−$0
Remaining funds due$65,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.15
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)$612.00
Initial HOA (3 months)$192.00
Prepaid interest, first (6 days)$131.26
Prepaid interest, second (6 days)$219.62
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 2.74%
Interest already paid$48,823Through Dec 2026
Assumption only · ends Apr 2051$108,191
Assumption + second · ends Apr 2051, second Jan 2057$382,330
New conventional · ends Jan 2057$670,302