Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $417,134
- Funds due
- $431,821
- Interest + MI left
- $97,817
- First ends
- Jan 2051
Assumption
Assumption + second
$4,252/mo
+$2,500/mo- Down payment
- $68,134
- Funds due
- $84,516
- Interest + MI left
- $648,917
- First ends
- Jan 2051
New loan
New conventional
$4,751/mo
+$2,999/mo- Down payment
- $68,134
- Funds due
- $80,656
- Interest + MI left
- $886,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,191 | $257,191 | $606,191 |
| Second mortgage | — | $349,000 | — |
| First P&I | $1,228.40 | $1,228.40 | $4,106.55 |
| Second P&I | — | $2,500.28 | — |
| Mortgage insurance | — | — | $121.24 |
| Taxes, insurance & HOA | $523.34 | $523.34 | $523.34 |
| Total housing payment | $1,751.74 | $4,252.01 | $4,751.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,134
Closing costs & prepaids$16,381
Usable credit−$0
Total buyer cash needed$84,516
Earnest money paid−$0
Remaining funds due$84,516
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,743.25
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,285.95
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)$809.25
Initial HOA (3 months)$260.76
Prepaid interest, first (6 days)$119.65
Prepaid interest, second (6 days)$444.62
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$46,607Through Dec 2026
Assumption only · ends Jan 2051$97,817
Assumption + second · ends Jan 2051, second Jan 2057$648,917
New conventional · ends Jan 2057$886,352