Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $227,582
- Funds due
- $240,458
- Interest + MI left
- $101,287
- First ends
- Jul 2051
Assumption
Assumption + second
$3,044/mo
+$1,306/mo- Down payment
- $49,582
- Funds due
- $64,059
- Interest + MI left
- $393,483
- First ends
- Jul 2051
New loan
New conventional
$3,576/mo
+$1,839/mo- Down payment
- $49,582
- Funds due
- $60,455
- Interest + MI left
- $643,964
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,418 | $262,418 | $440,418 |
| Second mortgage | — | $178,000 | — |
| First P&I | $1,232.90 | $1,232.90 | $2,983.54 |
| Second P&I | — | $1,306.10 | — |
| Mortgage insurance | — | — | $88.08 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $1,737.56 | $3,043.66 | $3,576.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,582
Closing costs & prepaids$14,477
Usable credit−$0
Total buyer cash needed$64,059
Earnest money paid−$0
Remaining funds due$64,059
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.09
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)$588.00
Initial HOA (3 months)$426.00
Prepaid interest, first (9 days)$181.82
Prepaid interest, second (9 days)$351.12
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 2.81%
Interest already paid$42,892Through Dec 2026
Assumption only · ends Jul 2051$101,287
Assumption + second · ends Jul 2051, second Jan 2057$393,483
New conventional · ends Jan 2057$643,964