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
- $312,738
- Funds due
- $326,234
- Interest + MI left
- $103,884
- First ends
- Sep 2051
Assumption
Assumption + second
$3,511/mo
+$1,834/mo- Down payment
- $56,738
- Funds due
- $71,974
- Interest + MI left
- $508,129
- First ends
- Sep 2051
New loan
New conventional
$4,022/mo
+$2,346/mo- Down payment
- $56,738
- Funds due
- $68,328
- Interest + MI left
- $743,163
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,262 | $252,262 | $508,262 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,199.14 | $1,199.14 | $3,443.14 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $101.65 |
| Taxes, insurance & HOA | $477.67 | $477.67 | $477.67 |
| Total housing payment | $1,676.81 | $3,510.83 | $4,022.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,738
Closing costs & prepaids$15,236
Usable credit−$0
Total buyer cash needed$71,974
Earnest money paid−$0
Remaining funds due$71,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,261.31
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)$678.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$184.12
Prepaid interest, second (9 days)$489.21
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 2.96%
Interest already paid$41,923Through Dec 2026
Assumption only · ends Sep 2051$103,884
Assumption + second · ends Sep 2051, second Jan 2057$508,129
New conventional · ends Jan 2057$743,163