Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,192/mo
Lowest payment- Down payment
- $352,049
- Funds due
- $367,686
- Interest + MI left
- $139,473
- First ends
- Nov 2051
Assumption
Assumption + second
$4,212/mo
+$2,020/mo- Down payment
- $70,049
- Funds due
- $87,475
- Interest + MI left
- $584,775
- First ends
- Nov 2051
New loan
New conventional
$4,954/mo
+$2,763/mo- Down payment
- $70,049
- Funds due
- $83,323
- Interest + MI left
- $920,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,851 | $347,851 | $629,851 |
| Second mortgage | — | $282,000 | — |
| First P&I | $1,629.85 | $1,629.85 | $4,266.83 |
| Second P&I | — | $2,020.28 | — |
| Mortgage insurance | — | — | $125.97 |
| Taxes, insurance & HOA | $561.67 | $561.67 | $561.67 |
| Total housing payment | $2,191.51 | $4,211.80 | $4,954.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,049
Closing costs & prepaids$17,426
Usable credit−$0
Total buyer cash needed$87,475
Earnest money paid−$0
Remaining funds due$87,475
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,739.26
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)$345.00
Prepaid interest, first (9 days)$246.16
Prepaid interest, second (9 days)$538.89
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$54,183Through Dec 2026
Assumption only · ends Nov 2051$139,473
Assumption + second · ends Nov 2051, second Jan 2057$584,775
New conventional · ends Jan 2057$920,946