Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,677/mo
Lowest payment- Down payment
- $221,112
- Funds due
- $233,671
- Interest + MI left
- $104,549
- First ends
- Jul 2051
Assumption
Assumption + second
$2,946/mo
+$1,269/mo- Down payment
- $48,112
- Funds due
- $62,262
- Interest + MI left
- $388,537
- First ends
- Jul 2051
New loan
New conventional
$3,439/mo
+$1,762/mo- Down payment
- $48,112
- Funds due
- $58,697
- Interest + MI left
- $624,166
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,878 | $253,878 | $426,878 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,215.01 | $1,215.01 | $2,891.82 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $85.38 |
| Taxes, insurance & HOA | $461.67 | $461.67 | $461.67 |
| Total housing payment | $1,676.67 | $2,946.08 | $3,438.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,112
Closing costs & prepaids$14,150
Usable credit−$0
Total buyer cash needed$62,262
Earnest money paid−$0
Remaining funds due$62,262
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,269.39
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)$315.00
Prepaid interest, first (9 days)$186.55
Prepaid interest, second (9 days)$341.26
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 7 moOf the original 30-year loan at 2.98%
Interest already paid$43,928Through Dec 2026
Assumption only · ends Jul 2051$104,549
Assumption + second · ends Jul 2051, second Jan 2057$388,537
New conventional · ends Jan 2057$624,166