Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $293,452
- Funds due
- $306,230
- Interest + MI left
- $84,503
- First ends
- Sep 2051
Assumption
Assumption + second
$3,367/mo
+$1,684/mo- Down payment
- $58,452
- Funds due
- $72,929
- Interest + MI left
- $455,588
- First ends
- Sep 2051
New loan
New conventional
$4,035/mo
+$2,351/mo- Down payment
- $58,452
- Funds due
- $69,203
- Interest + MI left
- $755,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,548 | $281,548 | $516,548 |
| Second mortgage | — | $235,000 | — |
| First P&I | $1,251.21 | $1,251.21 | $3,499.28 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $103.31 |
| Taxes, insurance & HOA | $432.00 | $432.00 | $432.00 |
| Total housing payment | $1,683.21 | $3,366.78 | $4,034.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,452
Closing costs & prepaids$14,477
Usable credit−$0
Total buyer cash needed$72,929
Earnest money paid−$0
Remaining funds due$72,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,407.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,200.00
Insurance escrow (3 months)$300.00
Property tax escrow (3 months)$690.00
Initial HOA (3 months)$306.00
Prepaid interest, first (9 days)$156.20
Prepaid interest, second (9 days)$449.08
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 9 moOf the original 30-year loan at 2.25%
Interest already paid$36,240Through Dec 2026
Assumption only · ends Sep 2051$84,503
Assumption + second · ends Sep 2051, second Jan 2057$455,588
New conventional · ends Jan 2057$755,175