Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,985/mo
Lowest payment- Down payment
- $273,763
- Funds due
- $291,780
- Interest + MI left
- $185,425
- First ends
- Feb 2051
Assumption
Assumption + second
$4,424/mo
+$1,438/mo- Down payment
- $77,763
- Funds due
- $97,417
- Interest + MI left
- $507,169
- First ends
- Feb 2051
New loan
New conventional
$5,480/mo
+$2,495/mo- Down payment
- $77,763
- Funds due
- $92,598
- Interest + MI left
- $1,019,476
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,237 | $501,237 | $697,237 |
| Second mortgage | — | $196,000 | — |
| First P&I | $2,367.80 | $2,367.80 | $4,723.33 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $139.45 |
| Taxes, insurance & HOA | $617.67 | $617.67 | $617.67 |
| Total housing payment | $2,985.47 | $4,423.64 | $5,480.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,763
Closing costs & prepaids$19,654
Usable credit−$0
Total buyer cash needed$97,417
Earnest money paid−$0
Remaining funds due$97,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,506.19
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$930.00
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$339.88
Prepaid interest, second (9 days)$386.63
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 2.75%
Interest already paid$86,983Through Dec 2026
Assumption only · ends Feb 2051$185,425
Assumption + second · ends Feb 2051, second Jan 2057$507,169
New conventional · ends Jan 2057$1,019,476