Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,699/mo
Lowest payment- Down payment
- $215,287
- Funds due
- $227,897
- Interest + MI left
- $105,755
- First ends
- Sep 2051
Assumption
Assumption + second
$2,925/mo
+$1,225/mo- Down payment
- $48,287
- Funds due
- $62,476
- Interest + MI left
- $379,894
- First ends
- Sep 2051
New loan
New conventional
$3,445/mo
+$1,746/mo- Down payment
- $48,287
- Funds due
- $58,891
- Interest + MI left
- $623,840
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,713 | $259,713 | $426,713 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,230.53 | $1,230.53 | $2,890.70 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $85.34 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $1,699.20 | $2,924.59 | $3,444.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,287
Closing costs & prepaids$14,190
Usable credit−$0
Total buyer cash needed$62,476
Earnest money paid−$0
Remaining funds due$62,476
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,298.57
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)$570.00
Initial HOA (3 months)$336.00
Prepaid interest, first (9 days)$187.63
Prepaid interest, second (9 days)$329.42
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$42,737Through Dec 2026
Assumption only · ends Sep 2051$105,755
Assumption + second · ends Sep 2051, second Jan 2057$379,894
New conventional · ends Jan 2057$623,840