Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $262,600
- Funds due
- $275,506
- Interest + MI left
- $97,474
- First ends
- Apr 2051
Assumption
Assumption + second
$3,144/mo
+$1,504/mo- Down payment
- $52,600
- Funds due
- $67,157
- Interest + MI left
- $429,081
- First ends
- Apr 2051
New loan
New conventional
$3,684/mo
+$2,044/mo- Down payment
- $52,600
- Funds due
- $63,550
- Interest + MI left
- $683,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,400 | $257,400 | $467,400 |
| Second mortgage | — | $210,000 | — |
| First P&I | $1,215.32 | $1,215.32 | $3,166.33 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | — | — | $93.48 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $1,639.99 | $3,144.46 | $3,684.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,600
Closing costs & prepaids$14,557
Usable credit−$0
Total buyer cash needed$67,157
Earnest money paid−$0
Remaining funds due$67,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,287.00
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)$624.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$177.08
Prepaid interest, second (9 days)$401.30
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 2.79%
Interest already paid$43,884Through Dec 2026
Assumption only · ends Apr 2051$97,474
Assumption + second · ends Apr 2051, second Jan 2057$429,081
New conventional · ends Jan 2057$683,416