Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,663/mo
Lowest payment- Down payment
- $391,572
- Funds due
- $405,843
- Interest + MI left
- $94,458
- First ends
- Feb 2051
Assumption
Assumption + second
$3,998/mo
+$2,336/mo- Down payment
- $65,572
- Funds due
- $81,716
- Interest + MI left
- $609,239
- First ends
- Feb 2051
New loan
New conventional
$4,522/mo
+$2,859/mo- Down payment
- $65,572
- Funds due
- $77,963
- Interest + MI left
- $854,530
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,428 | $258,428 | $584,428 |
| Second mortgage | — | $326,000 | — |
| First P&I | $1,216.85 | $1,216.85 | $3,959.12 |
| Second P&I | — | $2,335.50 | — |
| Mortgage insurance | — | — | $116.89 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $1,662.51 | $3,998.02 | $4,521.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,572
Closing costs & prepaids$16,143
Usable credit−$0
Total buyer cash needed$81,716
Earnest money paid−$0
Remaining funds due$81,716
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,292.14
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)$780.00
Initial HOA (3 months)$57.00
Prepaid interest, first (9 days)$173.32
Prepaid interest, second (9 days)$622.97
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 2.72%
Interest already paid$44,373Through Dec 2026
Assumption only · ends Feb 2051$94,458
Assumption + second · ends Feb 2051, second Jan 2057$609,239
New conventional · ends Jan 2057$854,530