Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,833/mo
Lowest payment- Down payment
- $217,775
- Funds due
- $230,879
- Interest + MI left
- $115,723
- First ends
- Oct 2051
Assumption
Assumption + second
$3,044/mo
+$1,211/mo- Down payment
- $52,775
- Funds due
- $67,346
- Interest + MI left
- $386,579
- First ends
- Oct 2051
New loan
New conventional
$3,686/mo
+$1,852/mo- Down payment
- $52,775
- Funds due
- $63,465
- Interest + MI left
- $681,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,225 | $301,225 | $466,225 |
| Second mortgage | — | $165,000 | — |
| First P&I | $1,399.16 | $1,399.16 | $3,158.37 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $93.25 |
| Taxes, insurance & HOA | $434.25 | $434.25 | $434.25 |
| Total housing payment | $1,833.41 | $3,044.12 | $3,685.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,775
Closing costs & prepaids$14,571
Usable credit−$0
Total buyer cash needed$67,346
Earnest money paid−$0
Remaining funds due$67,346
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,506.13
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)$622.75
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$137.16
Prepaid interest, second (6 days)$216.99
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 10 moOf the original 30-year loan at 2.77%
Interest already paid$46,133Through Dec 2026
Assumption only · ends Oct 2051$115,723
Assumption + second · ends Oct 2051, second Jan 2057$386,579
New conventional · ends Jan 2057$681,605