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
- $259,010
- Funds due
- $272,151
- Interest + MI left
- $98,547
- First ends
- Sep 2051
Assumption
Assumption + second
$3,152/mo
+$1,469/mo- Down payment
- $54,010
- Funds due
- $68,793
- Interest + MI left
- $422,260
- First ends
- Sep 2051
New loan
New conventional
$3,777/mo
+$2,094/mo- Down payment
- $54,010
- Funds due
- $65,113
- Interest + MI left
- $703,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,990 | $275,990 | $480,990 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,261.07 | $1,261.07 | $3,258.39 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $96.20 |
| Taxes, insurance & HOA | $422.34 | $422.34 | $422.34 |
| Total housing payment | $1,683.41 | $3,152.05 | $3,776.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,010
Closing costs & prepaids$14,784
Usable credit−$0
Total buyer cash needed$68,793
Earnest money paid−$0
Remaining funds due$68,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,379.95
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)$642.00
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$176.94
Prepaid interest, second (9 days)$391.75
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 2.6%
Interest already paid$40,438Through Dec 2026
Assumption only · ends Sep 2051$98,547
Assumption + second · ends Sep 2051, second Jan 2057$422,260
New conventional · ends Jan 2057$703,287