Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $228,382
- Funds due
- $241,277
- Interest + MI left
- $82,240
- First ends
- Feb 2051
Assumption
Assumption + second
$2,983/mo
+$1,299/mo- Down payment
- $51,382
- Funds due
- $65,876
- Interest + MI left
- $372,795
- First ends
- Feb 2051
New loan
New conventional
$3,610/mo
+$1,926/mo- Down payment
- $51,382
- Funds due
- $62,236
- Interest + MI left
- $663,174
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,618 | $276,618 | $453,618 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,237.44 | $1,237.44 | $3,072.97 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $90.72 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $1,684.11 | $2,982.87 | $3,610.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,382
Closing costs & prepaids$14,494
Usable credit−$0
Total buyer cash needed$65,876
Earnest money paid−$0
Remaining funds due$65,876
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,383.09
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)$606.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$153.47
Prepaid interest, second (9 days)$349.15
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 2.25%
Interest already paid$39,509Through Dec 2026
Assumption only · ends Feb 2051$82,240
Assumption + second · ends Feb 2051, second Jan 2057$372,795
New conventional · ends Jan 2057$663,174