Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,658/mo
Lowest payment- Down payment
- $257,519
- Funds due
- $270,443
- Interest + MI left
- $97,006
- First ends
- Jan 2051
Assumption
Assumption + second
$3,127/mo
+$1,469/mo- Down payment
- $52,519
- Funds due
- $67,085
- Interest + MI left
- $420,719
- First ends
- Jan 2051
New loan
New conventional
$3,692/mo
+$2,034/mo- Down payment
- $52,519
- Funds due
- $63,445
- Interest + MI left
- $690,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,481 | $267,481 | $472,481 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,261.20 | $1,261.20 | $3,200.75 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $94.50 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,657.87 | $3,126.51 | $3,691.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,519
Closing costs & prepaids$14,566
Usable credit−$0
Total buyer cash needed$67,085
Earnest money paid−$0
Remaining funds due$67,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,337.41
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)$630.00
Initial HOA (3 months)$60.00
Prepaid interest, first (9 days)$178.74
Prepaid interest, second (9 days)$391.75
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 1 moOf the original 30-year loan at 2.71%
Interest already paid$46,482Through Dec 2026
Assumption only · ends Jan 2051$97,006
Assumption + second · ends Jan 2051, second Jan 2057$420,719
New conventional · ends Jan 2057$690,845