Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,303/mo
Lowest payment- Down payment
- $324,585
- Funds due
- $340,210
- Interest + MI left
- $136,011
- First ends
- Jan 2051
Assumption
Assumption + second
$4,137/mo
+$1,834/mo- Down payment
- $68,585
- Funds due
- $85,950
- Interest + MI left
- $540,257
- First ends
- Jan 2051
New loan
New conventional
$4,884/mo
+$2,581/mo- Down payment
- $68,585
- Funds due
- $81,771
- Interest + MI left
- $901,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,415 | $360,415 | $616,415 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,717.74 | $1,717.74 | $4,175.81 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | — | — | $123.28 |
| Taxes, insurance & HOA | $585.17 | $585.17 | $585.17 |
| Total housing payment | $2,302.90 | $4,136.92 | $4,884.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,585
Closing costs & prepaids$17,365
Usable credit−$0
Total buyer cash needed$85,950
Earnest money paid−$0
Remaining funds due$85,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,802.07
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)$822.00
Initial HOA (3 months)$433.50
Prepaid interest, first (9 days)$249.72
Prepaid interest, second (9 days)$489.21
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$64,866Through Dec 2026
Assumption only · ends Jan 2051$136,011
Assumption + second · ends Jan 2051, second Jan 2057$540,257
New conventional · ends Jan 2057$901,301