Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $321,662
- Funds due
- $334,344
- Interest + MI left
- $58,900
- First ends
- Sep 2044
Assumption
Assumption + second
$3,601/mo
+$1,934/mo- Down payment
- $51,662
- Funds due
- $66,110
- Interest + MI left
- $485,253
- First ends
- Sep 2044
New loan
New conventional
$3,714/mo
+$2,047/mo- Down payment
- $51,662
- Funds due
- $62,739
- Interest + MI left
- $677,477
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,338 | $193,338 | $463,338 |
| Second mortgage | — | $270,000 | — |
| First P&I | $1,184.22 | $1,184.22 | $3,138.81 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | — | — | $92.67 |
| Taxes, insurance & HOA | $482.67 | $482.67 | $482.67 |
| Total housing payment | $1,666.88 | $3,601.20 | $3,714.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,662
Closing costs & prepaids$14,448
Usable credit−$0
Total buyer cash needed$66,110
Earnest money paid−$0
Remaining funds due$66,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.69
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)$618.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$149.21
Prepaid interest, second (9 days)$515.96
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 closing17 yr 9 moOf the original 24-year loan at 3.13%
Interest already paid$42,554Through Dec 2026
Assumption only · ends Sep 2044$58,900
Assumption + second · ends Sep 2044, second Jan 2057$485,253
New conventional · ends Jan 2057$677,477