Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $302,386
- Funds due
- $314,576
- Interest + MI left
- $62,221
- First ends
- Feb 2051
Assumption
Assumption + second
$3,129/mo
+$1,820/mo- Down payment
- $48,386
- Funds due
- $62,311
- Interest + MI left
- $463,309
- First ends
- Feb 2051
New loan
New conventional
$3,471/mo
+$2,162/mo- Down payment
- $48,386
- Funds due
- $59,080
- Interest + MI left
- $622,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,614 | $171,614 | $425,614 |
| Second mortgage | — | $254,000 | — |
| First P&I | $806.33 | $806.33 | $2,883.26 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | — | — | $85.12 |
| Taxes, insurance & HOA | $503.00 | $503.00 | $503.00 |
| Total housing payment | $1,309.33 | $3,129.02 | $3,471.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,386
Closing costs & prepaids$13,925
Usable credit−$0
Total buyer cash needed$62,311
Earnest money paid−$0
Remaining funds due$62,311
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$858.07
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)$568.75
Initial HOA (3 months)$440.25
Prepaid interest, first (9 days)$114.25
Prepaid interest, second (9 days)$485.38
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 2.7%
Interest already paid$29,257Through Dec 2026
Assumption only · ends Feb 2051$62,221
Assumption + second · ends Feb 2051, second Jan 2057$463,309
New conventional · ends Jan 2057$622,233