Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $202,954
- Funds due
- $214,843
- Interest + MI left
- $108,876
- First ends
- Jun 2051
Assumption
Assumption + second
$2,760/mo
+$1,152/mo- Down payment
- $45,954
- Funds due
- $59,403
- Interest + MI left
- $366,599
- First ends
- Jun 2051
New loan
New conventional
$3,215/mo
+$1,607/mo- Down payment
- $45,954
- Funds due
- $55,878
- Interest + MI left
- $590,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,946 | $246,946 | $403,946 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,210.28 | $1,210.28 | $2,736.47 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $80.79 |
| Taxes, insurance & HOA | $398.00 | $398.00 | $398.00 |
| Total housing payment | $1,608.28 | $2,760.29 | $3,215.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,954
Closing costs & prepaids$13,449
Usable credit−$0
Total buyer cash needed$59,403
Earnest money paid−$0
Remaining funds due$59,403
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,234.73
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$193.63
Prepaid interest, second (9 days)$309.70
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 6 moOf the original 30-year loan at 3.18%
Interest already paid$46,261Through Dec 2026
Assumption only · ends Jun 2051$108,876
Assumption + second · ends Jun 2051, second Jan 2057$366,599
New conventional · ends Jan 2057$590,555