Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $303,596
- Funds due
- $317,716
- Interest + MI left
- $104,761
- First ends
- Mar 2051
Assumption
Assumption + second
$3,627/mo
+$1,748/mo- Down payment
- $59,596
- Funds due
- $75,432
- Interest + MI left
- $490,058
- First ends
- Mar 2051
New loan
New conventional
$4,252/mo
+$2,373/mo- Down payment
- $59,596
- Funds due
- $71,626
- Interest + MI left
- $782,849
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,404 | $291,404 | $535,404 |
| Second mortgage | — | $244,000 | — |
| First P&I | $1,361.39 | $1,361.39 | $3,627.01 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | — | — | $107.08 |
| Taxes, insurance & HOA | $517.67 | $517.67 | $517.67 |
| Total housing payment | $1,879.06 | $3,627.11 | $4,251.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,596
Closing costs & prepaids$15,836
Usable credit−$0
Total buyer cash needed$75,432
Earnest money paid−$0
Remaining funds due$75,432
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.02
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)$714.00
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$191.85
Prepaid interest, second (9 days)$466.27
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$48,375Through Dec 2026
Assumption only · ends Mar 2051$104,761
Assumption + second · ends Mar 2051, second Jan 2057$490,058
New conventional · ends Jan 2057$782,849