Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,092/mo
Lowest payment- Down payment
- $339,048
- Funds due
- $354,200
- Interest + MI left
- $122,794
- First ends
- Feb 2051
Assumption
Assumption + second
$4,033/mo
+$1,941/mo- Down payment
- $68,048
- Funds due
- $84,968
- Interest + MI left
- $550,726
- First ends
- Feb 2051
New loan
New conventional
$4,743/mo
+$2,651/mo- Down payment
- $68,048
- Funds due
- $80,896
- Interest + MI left
- $887,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,952 | $335,952 | $606,952 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,581.88 | $1,581.88 | $4,111.70 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $121.39 |
| Taxes, insurance & HOA | $509.67 | $509.67 | $509.67 |
| Total housing payment | $2,091.55 | $4,033.03 | $4,742.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,048
Closing costs & prepaids$16,920
Usable credit−$0
Total buyer cash needed$84,968
Earnest money paid−$0
Remaining funds due$84,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,679.76
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)$810.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$225.32
Prepaid interest, second (9 days)$517.87
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$57,684Through Dec 2026
Assumption only · ends Feb 2051$122,794
Assumption + second · ends Feb 2051, second Jan 2057$550,726
New conventional · ends Jan 2057$887,464