Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,508/mo
Lowest payment- Down payment
- $412,125
- Funds due
- $426,068
- Interest + MI left
- $83,107
- First ends
- Feb 2051
Assumption
Assumption + second
$4,001/mo
+$2,493/mo- Down payment
- $64,125
- Funds due
- $79,983
- Interest + MI left
- $632,629
- First ends
- Feb 2051
New loan
New conventional
$4,434/mo
+$2,926/mo- Down payment
- $64,125
- Funds due
- $76,378
- Interest + MI left
- $834,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,875 | $222,875 | $570,875 |
| Second mortgage | — | $348,000 | — |
| First P&I | $1,055.11 | $1,055.11 | $3,867.31 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | — | — | $114.18 |
| Taxes, insurance & HOA | $453.00 | $453.00 | $453.00 |
| Total housing payment | $1,508.11 | $4,001.22 | $4,434.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,125
Closing costs & prepaids$15,859
Usable credit−$0
Total buyer cash needed$79,983
Earnest money paid−$0
Remaining funds due$79,983
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%)$1,114.38
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)$96.99
Prepaid interest, first (9 days)$152.23
Prepaid interest, second (9 days)$665.01
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$38,949Through Dec 2026
Assumption only · ends Feb 2051$83,107
Assumption + second · ends Feb 2051, second Jan 2057$632,629
New conventional · ends Jan 2057$834,714