Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,828/mo
Lowest payment- Down payment
- $242,071
- Funds due
- $259,387
- Interest + MI left
- $185,530
- First ends
- Oct 2051
Assumption
Assumption + second
$4,068/mo
+$1,240/mo- Down payment
- $73,071
- Funds due
- $91,970
- Interest + MI left
- $462,952
- First ends
- Oct 2051
New loan
New conventional
$5,131/mo
+$2,304/mo- Down payment
- $73,071
- Funds due
- $87,273
- Interest + MI left
- $953,228
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,929 | $482,929 | $651,929 |
| Second mortgage | — | $169,000 | — |
| First P&I | $2,243.15 | $2,243.15 | $4,416.39 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $130.39 |
| Taxes, insurance & HOA | $584.67 | $584.67 | $584.67 |
| Total housing payment | $2,827.82 | $4,067.88 | $5,131.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,071
Closing costs & prepaids$18,900
Usable credit−$0
Total buyer cash needed$91,970
Earnest money paid−$0
Remaining funds due$91,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,414.65
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$329.85
Prepaid interest, second (9 days)$333.37
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 10 moOf the original 30-year loan at 2.77%
Interest already paid$73,961Through Dec 2026
Assumption only · ends Oct 2051$185,530
Assumption + second · ends Oct 2051, second Jan 2057$462,952
New conventional · ends Jan 2057$953,228