Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,849/mo
Lowest payment- Down payment
- $275,997
- Funds due
- $293,302
- Interest + MI left
- $201,762
- First ends
- Jul 2051
Assumption
Assumption + second
$4,289/mo
+$1,440/mo- Down payment
- $74,997
- Funds due
- $93,808
- Interest + MI left
- $519,158
- First ends
- Jul 2051
New loan
New conventional
$5,231/mo
+$2,381/mo- Down payment
- $74,997
- Funds due
- $88,985
- Interest + MI left
- $972,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,003 | $464,003 | $665,003 |
| Second mortgage | — | $201,000 | — |
| First P&I | $2,256.83 | $2,256.83 | $4,504.96 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $133.00 |
| Taxes, insurance & HOA | $592.67 | $592.67 | $592.67 |
| Total housing payment | $2,849.50 | $4,289.48 | $5,230.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,997
Closing costs & prepaids$18,811
Usable credit−$0
Total buyer cash needed$93,808
Earnest money paid−$0
Remaining funds due$93,808
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,320.01
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)$888.00
Initial HOA (3 months)$240.00
Prepaid interest, first (6 days)$238.74
Prepaid interest, second (6 days)$256.07
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 closing24 yr 7 moOf the original 30-year loan at 3.13%
Interest already paid$84,197Through Dec 2026
Assumption only · ends Jul 2051$201,762
Assumption + second · ends Jul 2051, second Jan 2057$519,158
New conventional · ends Jan 2057$972,344