Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $223,568
- Funds due
- $236,326
- Interest + MI left
- $102,038
- First ends
- Sep 2051
Assumption
Assumption + second
$2,952/mo
+$1,269/mo- Down payment
- $50,568
- Funds due
- $64,917
- Interest + MI left
- $386,026
- First ends
- Sep 2051
New loan
New conventional
$3,543/mo
+$1,860/mo- Down payment
- $50,568
- Funds due
- $61,258
- Interest + MI left
- $657,144
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,432 | $276,432 | $449,432 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,274.31 | $1,274.31 | $3,044.61 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $89.89 |
| Taxes, insurance & HOA | $408.34 | $408.34 | $408.34 |
| Total housing payment | $1,682.65 | $2,952.06 | $3,542.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,568
Closing costs & prepaids$14,349
Usable credit−$0
Total buyer cash needed$64,917
Earnest money paid−$0
Remaining funds due$64,917
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,382.16
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)$600.00
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$182.67
Prepaid interest, second (9 days)$341.26
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 9 moOf the original 30-year loan at 2.68%
Interest already paid$41,714Through Dec 2026
Assumption only · ends Sep 2051$102,038
Assumption + second · ends Sep 2051, second Jan 2057$386,026
New conventional · ends Jan 2057$657,144