Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,672/mo
Lowest payment- Down payment
- $183,102
- Funds due
- $195,361
- Interest + MI left
- $102,384
- First ends
- Apr 2051
Assumption
Assumption + second
$2,678/mo
+$1,005/mo- Down payment
- $46,102
- Funds due
- $59,881
- Interest + MI left
- $327,277
- First ends
- Apr 2051
New loan
New conventional
$3,260/mo
+$1,588/mo- Down payment
- $46,102
- Funds due
- $56,269
- Interest + MI left
- $605,187
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,898 | $276,898 | $413,898 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,298.91 | $1,298.91 | $2,803.89 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $82.78 |
| Taxes, insurance & HOA | $373.50 | $373.50 | $373.50 |
| Total housing payment | $1,672.41 | $2,677.67 | $3,260.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,102
Closing costs & prepaids$13,780
Usable credit−$0
Total buyer cash needed$59,881
Earnest money paid−$0
Remaining funds due$59,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,384.49
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)$552.00
Initial HOA (3 months)$68.49
Prepaid interest, first (9 days)$186.39
Prepaid interest, second (9 days)$270.25
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 4 moOf the original 30-year loan at 2.73%
Interest already paid$46,224Through Dec 2026
Assumption only · ends Apr 2051$102,384
Assumption + second · ends Apr 2051, second Jan 2057$327,277
New conventional · ends Jan 2057$605,187