Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,867/mo
Lowest payment- Down payment
- $383,338
- Funds due
- $398,141
- Interest + MI left
- $110,889
- First ends
- Jan 2051
Assumption
Assumption + second
$4,124/mo
+$2,257/mo- Down payment
- $68,338
- Funds due
- $84,993
- Interest + MI left
- $608,300
- First ends
- Jan 2051
New loan
New conventional
$4,705/mo
+$2,838/mo- Down payment
- $68,338
- Funds due
- $81,076
- Interest + MI left
- $886,894
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,562 | $291,562 | $606,562 |
| Second mortgage | — | $315,000 | — |
| First P&I | $1,392.56 | $1,392.56 | $4,109.06 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $121.31 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $1,867.23 | $4,123.93 | $4,705.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,338
Closing costs & prepaids$16,654
Usable credit−$0
Total buyer cash needed$84,993
Earnest money paid−$0
Remaining funds due$84,993
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.81
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)$810.00
Initial HOA (3 months)$114.00
Prepaid interest, first (9 days)$203.45
Prepaid interest, second (9 days)$601.95
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$52,835Through Dec 2026
Assumption only · ends Jan 2051$110,889
Assumption + second · ends Jan 2051, second Jan 2057$608,300
New conventional · ends Jan 2057$886,894