Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,729/mo
Lowest payment- Down payment
- $212,271
- Funds due
- $228,029
- Interest + MI left
- $199,323
- First ends
- Jun 2051
Assumption
Assumption + second
$3,785/mo
+$1,057/mo- Down payment
- $68,271
- Funds due
- $85,500
- Interest + MI left
- $435,706
- First ends
- Jun 2051
New loan
New conventional
$4,723/mo
+$1,994/mo- Down payment
- $68,271
- Funds due
- $80,784
- Interest + MI left
- $892,987
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,729 | $466,729 | $610,729 |
| Second mortgage | — | $144,000 | — |
| First P&I | $2,265.48 | $2,265.48 | $4,137.29 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $122.15 |
| Taxes, insurance & HOA | $463.25 | $463.25 | $463.25 |
| Total housing payment | $2,728.73 | $3,785.35 | $4,722.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,271
Closing costs & prepaids$17,229
Usable credit−$0
Total buyer cash needed$85,500
Earnest money paid−$0
Remaining funds due$85,500
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,333.65
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)$814.75
Initial HOA (3 months)$75.00
Prepaid interest, first (7 days)$276.59
Prepaid interest, second (7 days)$220.93
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$85,038Through Dec 2026
Assumption only · ends Jun 2051$199,323
Assumption + second · ends Jun 2051, second Jan 2057$435,706
New conventional · ends Jan 2057$892,987