Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,710/mo
Lowest payment- Down payment
- $417,379
- Funds due
- $431,993
- Interest + MI left
- $92,314
- First ends
- Jan 2051
Assumption
Assumption + second
$4,225/mo
+$2,515/mo- Down payment
- $66,379
- Funds due
- $82,914
- Interest + MI left
- $646,572
- First ends
- Jan 2051
New loan
New conventional
$4,699/mo
+$2,988/mo- Down payment
- $66,379
- Funds due
- $79,198
- Interest + MI left
- $870,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,621 | $244,621 | $595,621 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,165.86 | $1,165.86 | $4,034.94 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $119.12 |
| Taxes, insurance & HOA | $544.50 | $544.50 | $544.50 |
| Total housing payment | $1,710.36 | $4,224.97 | $4,698.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,379
Closing costs & prepaids$16,535
Usable credit−$0
Total buyer cash needed$82,914
Earnest money paid−$0
Remaining funds due$82,914
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,620.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,223.10
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)$794.50
Initial HOA (3 months)$339.00
Prepaid interest, first (9 days)$169.49
Prepaid interest, second (9 days)$670.75
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$44,026Through Dec 2026
Assumption only · ends Jan 2051$92,314
Assumption + second · ends Jan 2051, second Jan 2057$646,572
New conventional · ends Jan 2057$870,896