Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,077/mo
Lowest payment- Down payment
- $210,632
- Funds due
- $224,465
- Interest + MI left
- $132,042
- First ends
- Oct 2051
Assumption
Assumption + second
$3,221/mo
+$1,145/mo- Down payment
- $54,632
- Funds due
- $70,023
- Interest + MI left
- $388,124
- First ends
- Oct 2051
New loan
New conventional
$3,913/mo
+$1,836/mo- Down payment
- $54,632
- Funds due
- $66,105
- Interest + MI left
- $709,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,268 | $329,268 | $485,268 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,548.02 | $1,548.02 | $3,287.37 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $97.05 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $2,076.69 | $3,221.36 | $3,913.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,632
Closing costs & prepaids$15,391
Usable credit−$0
Total buyer cash needed$70,023
Earnest money paid−$0
Remaining funds due$70,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,646.34
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)$648.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$233.83
Prepaid interest, second (9 days)$307.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.88%
Interest already paid$52,372Through Dec 2026
Assumption only · ends Oct 2051$132,042
Assumption + second · ends Oct 2051, second Jan 2057$388,124
New conventional · ends Jan 2057$709,542