Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $289,890
- Funds due
- $304,594
- Interest + MI left
- $120,245
- First ends
- Mar 2051
Assumption
Assumption + second
$3,724/mo
+$1,626/mo- Down payment
- $62,890
- Funds due
- $79,278
- Interest + MI left
- $478,697
- First ends
- Mar 2051
New loan
New conventional
$4,447/mo
+$2,348/mo- Down payment
- $62,890
- Funds due
- $75,278
- Interest + MI left
- $818,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,108 | $333,108 | $560,108 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,557.92 | $1,557.92 | $3,794.37 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $112.02 |
| Taxes, insurance & HOA | $540.16 | $540.16 | $540.16 |
| Total housing payment | $2,098.08 | $3,724.33 | $4,446.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,890
Closing costs & prepaids$16,388
Usable credit−$0
Total buyer cash needed$79,278
Earnest money paid−$0
Remaining funds due$79,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,229.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,665.54
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)$747.50
Initial HOA (3 months)$372.99
Prepaid interest, first (9 days)$220.13
Prepaid interest, second (9 days)$433.79
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$55,499Through Dec 2026
Assumption only · ends Mar 2051$120,245
Assumption + second · ends Mar 2051, second Jan 2057$478,697
New conventional · ends Jan 2057$818,971