Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,574/mo
Lowest payment- Down payment
- $258,174
- Funds due
- $273,815
- Interest + MI left
- $144,132
- First ends
- Jul 2051
Assumption
Assumption + second
$4,034/mo
+$1,460/mo- Down payment
- $59,174
- Funds due
- $76,457
- Interest + MI left
- $470,801
- First ends
- Jul 2051
New loan
New conventional
$4,645/mo
+$2,071/mo- Down payment
- $59,174
- Funds due
- $72,471
- Interest + MI left
- $768,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,826 | $326,826 | $525,826 |
| Second mortgage | — | $199,000 | — |
| First P&I | $1,596.47 | $1,596.47 | $3,562.13 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $105.17 |
| Taxes, insurance & HOA | $977.67 | $977.67 | $977.67 |
| Total housing payment | $2,574.13 | $4,034.32 | $4,644.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,174
Closing costs & prepaids$17,283
Usable credit−$0
Total buyer cash needed$76,457
Earnest money paid−$0
Remaining funds due$76,457
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,634.13
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)$702.00
Initial HOA (3 months)$1,731.00
Prepaid interest, first (9 days)$255.46
Prepaid interest, second (9 days)$392.55
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 7 moOf the original 30-year loan at 3.17%
Interest already paid$60,038Through Dec 2026
Assumption only · ends Jul 2051$144,132
Assumption + second · ends Jul 2051, second Jan 2057$470,801
New conventional · ends Jan 2057$768,845