Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
Lowest payment- Down payment
- $300,294
- Funds due
- $316,159
- Interest + MI left
- $158,211
- First ends
- Jul 2051
Assumption
Assumption + second
$4,077/mo
+$1,648/mo- Down payment
- $70,294
- Funds due
- $87,848
- Interest + MI left
- $521,401
- First ends
- Jul 2051
New loan
New conventional
$4,930/mo
+$2,501/mo- Down payment
- $70,294
- Funds due
- $83,496
- Interest + MI left
- $920,734
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,706 | $399,706 | $629,706 |
| Second mortgage | — | $230,000 | — |
| First P&I | $1,891.25 | $1,891.25 | $4,265.85 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | — | — | $125.94 |
| Taxes, insurance & HOA | $538.34 | $538.34 | $538.34 |
| Total housing payment | $2,429.58 | $4,077.33 | $4,930.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,294
Closing costs & prepaids$17,554
Usable credit−$0
Total buyer cash needed$87,848
Earnest money paid−$0
Remaining funds due$87,848
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,998.53
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)$275.01
Prepaid interest, first (9 days)$283.35
Prepaid interest, second (9 days)$439.52
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 7 moOf the original 30-year loan at 2.875%
Interest already paid$66,797Through Dec 2026
Assumption only · ends Jul 2051$158,211
Assumption + second · ends Jul 2051, second Jan 2057$521,401
New conventional · ends Jan 2057$920,734