Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,702/mo
Lowest payment- Down payment
- $262,157
- Funds due
- $279,137
- Interest + MI left
- $164,597
- First ends
- Mar 2051
Assumption
Assumption + second
$4,096/mo
+$1,394/mo- Down payment
- $72,157
- Funds due
- $90,679
- Interest + MI left
- $476,492
- First ends
- Mar 2051
New loan
New conventional
$5,081/mo
+$2,379/mo- Down payment
- $72,157
- Funds due
- $85,991
- Interest + MI left
- $947,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,843 | $457,843 | $647,843 |
| Second mortgage | — | $190,000 | — |
| First P&I | $2,138.97 | $2,138.97 | $4,388.71 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $129.57 |
| Taxes, insurance & HOA | $562.67 | $562.67 | $562.67 |
| Total housing payment | $2,701.63 | $4,095.79 | $5,080.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,157
Closing costs & prepaids$18,521
Usable credit−$0
Total buyer cash needed$90,679
Earnest money paid−$0
Remaining funds due$90,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,289.21
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)$864.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$234.44
Prepaid interest, second (7 days)$291.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3 moOf the original 30-year loan at 2.67%
Interest already paid$76,005Through Dec 2026
Assumption only · ends Mar 2051$164,597
Assumption + second · ends Mar 2051, second Jan 2057$476,492
New conventional · ends Jan 2057$947,254