Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,258/mo
Lowest payment- Down payment
- $258,007
- Funds due
- $272,939
- Interest + MI left
- $150,601
- First ends
- Oct 2051
Assumption
Assumption + second
$3,681/mo
+$1,424/mo- Down payment
- $64,007
- Funds due
- $80,572
- Interest + MI left
- $469,063
- First ends
- Oct 2051
New loan
New conventional
$4,470/mo
+$2,212/mo- Down payment
- $64,007
- Funds due
- $76,365
- Interest + MI left
- $834,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,993 | $376,993 | $570,993 |
| Second mortgage | — | $194,000 | — |
| First P&I | $1,770.45 | $1,770.45 | $3,868.11 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | — | — | $114.20 |
| Taxes, insurance & HOA | $487.34 | $487.34 | $487.34 |
| Total housing payment | $2,257.79 | $3,681.29 | $4,469.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,007
Closing costs & prepaids$16,564
Usable credit−$0
Total buyer cash needed$80,572
Earnest money paid−$0
Remaining funds due$80,572
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,884.96
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)$762.00
Initial HOA (3 months)$200.01
Prepaid interest, first (9 days)$266.79
Prepaid interest, second (9 days)$382.68
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 2.87%
Interest already paid$59,761Through Dec 2026
Assumption only · ends Oct 2051$150,601
Assumption + second · ends Oct 2051, second Jan 2057$469,063
New conventional · ends Jan 2057$834,886