Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,263/mo
Lowest payment- Down payment
- $237,192
- Funds due
- $255,620
- Interest + MI left
- $216,489
- First ends
- Apr 2051
Assumption
Assumption + second
$4,416/mo
+$1,152/mo- Down payment
- $80,192
- Funds due
- $100,076
- Interest + MI left
- $474,213
- First ends
- Apr 2051
New loan
New conventional
$5,615/mo
+$2,351/mo- Down payment
- $80,192
- Funds due
- $94,799
- Interest + MI left
- $1,052,478
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $562,808 | $562,808 | $719,808 |
| Second mortgage | — | $157,000 | — |
| First P&I | $2,668.83 | $2,668.83 | $4,876.23 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $143.96 |
| Taxes, insurance & HOA | $594.67 | $594.67 | $594.67 |
| Total housing payment | $3,263.49 | $4,415.50 | $5,614.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,192
Closing costs & prepaids$19,884
Usable credit−$0
Total buyer cash needed$100,076
Earnest money paid−$0
Remaining funds due$100,076
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,814.04
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)$960.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$261.82
Prepaid interest, second (6 days)$206.47
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 2.83%
Interest already paid$97,286Through Dec 2026
Assumption only · ends Apr 2051$216,489
Assumption + second · ends Apr 2051, second Jan 2057$474,213
New conventional · ends Jan 2057$1,052,478