Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,528/mo
Lowest payment- Down payment
- $262,762
- Funds due
- $278,635
- Interest + MI left
- $162,283
- First ends
- Apr 2051
Assumption
Assumption + second
$3,937/mo
+$1,409/mo- Down payment
- $70,762
- Funds due
- $88,264
- Interest + MI left
- $477,461
- First ends
- Apr 2051
New loan
New conventional
$4,863/mo
+$2,335/mo- Down payment
- $70,762
- Funds due
- $83,767
- Interest + MI left
- $919,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,138 | $437,138 | $629,138 |
| Second mortgage | — | $192,000 | — |
| First P&I | $2,052.81 | $2,052.81 | $4,262.00 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $125.83 |
| Taxes, insurance & HOA | $475.00 | $475.00 | $475.00 |
| Total housing payment | $2,527.81 | $3,936.64 | $4,862.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,762
Closing costs & prepaids$17,502
Usable credit−$0
Total buyer cash needed$88,264
Earnest money paid−$0
Remaining funds due$88,264
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,185.69
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)$840.00
Initial HOA (3 months)$84.99
Prepaid interest, first (9 days)$295.34
Prepaid interest, second (9 days)$378.74
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$73,233Through Dec 2026
Assumption only · ends Apr 2051$162,283
Assumption + second · ends Apr 2051, second Jan 2057$477,461
New conventional · ends Jan 2057$919,904