Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,708/mo
Lowest payment- Down payment
- $272,021
- Funds due
- $289,974
- Interest + MI left
- $164,541
- First ends
- Aug 2054
Assumption
Assumption + second
$4,153/mo
+$1,446/mo- Down payment
- $75,021
- Funds due
- $94,483
- Interest + MI left
- $487,927
- First ends
- Aug 2054
New loan
New conventional
$5,480/mo
+$2,772/mo- Down payment
- $75,021
- Funds due
- $89,660
- Interest + MI left
- $986,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $477,979 | $477,979 | $674,979 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,935.30 | $1,935.30 | $4,572.54 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $135.00 |
| Taxes, insurance & HOA | $772.67 | $772.67 | $772.67 |
| Total housing payment | $2,707.97 | $4,153.48 | $5,480.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,021
Closing costs & prepaids$19,462
Usable credit−$0
Total buyer cash needed$94,483
Earnest money paid−$0
Remaining funds due$94,483
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,389.89
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)$900.00
Initial HOA (3 months)$768.00
Prepaid interest, first (6 days)$176.79
Prepaid interest, second (6 days)$259.07
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 closing27 yr 8 moOf the original 30-year loan at 2.25%
Interest already paid$25,870Through Dec 2026
Assumption only · ends Aug 2054$164,541
Assumption + second · ends Aug 2054, second Jan 2057$487,927
New conventional · ends Jan 2057$986,931