Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $198,905
- Funds due
- $212,807
- Interest + MI left
- $126,694
- First ends
- Apr 2051
Assumption
Assumption + second
$3,168/mo
+$1,049/mo- Down payment
- $55,905
- Funds due
- $71,340
- Interest + MI left
- $361,436
- First ends
- Apr 2051
New loan
New conventional
$3,929/mo
+$1,810/mo- Down payment
- $55,905
- Funds due
- $67,344
- Interest + MI left
- $722,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,095 | $351,095 | $494,095 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,636.27 | $1,636.27 | $3,347.17 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $482.67 | $482.67 | $482.67 |
| Total housing payment | $2,118.93 | $3,168.22 | $3,928.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,905
Closing costs & prepaids$15,435
Usable credit−$0
Total buyer cash needed$71,340
Earnest money paid−$0
Remaining funds due$71,340
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.48
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)$660.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$231.15
Prepaid interest, second (9 days)$282.08
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 4 moOf the original 30-year loan at 2.67%
Interest already paid$57,361Through Dec 2026
Assumption only · ends Apr 2051$126,694
Assumption + second · ends Apr 2051, second Jan 2057$361,436
New conventional · ends Jan 2057$722,350