Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,954/mo
Lowest payment- Down payment
- $256,743
- Funds due
- $270,659
- Interest + MI left
- $124,052
- First ends
- Dec 2051
Assumption
Assumption + second
$3,387/mo
+$1,433/mo- Down payment
- $56,743
- Funds due
- $72,291
- Interest + MI left
- $439,869
- First ends
- Dec 2051
New loan
New conventional
$4,057/mo
+$2,104/mo- Down payment
- $56,743
- Funds due
- $68,438
- Interest + MI left
- $743,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,257 | $308,257 | $508,257 |
| Second mortgage | — | $200,000 | — |
| First P&I | $1,441.03 | $1,441.03 | $3,443.11 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $101.65 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $1,953.70 | $3,386.52 | $4,057.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,743
Closing costs & prepaids$15,548
Usable credit−$0
Total buyer cash needed$72,291
Earnest money paid−$0
Remaining funds due$72,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,541.28
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)$678.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$218.14
Prepaid interest, second (9 days)$382.19
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 closing25 yrOf the original 30-year loan at 2.87%
Interest already paid$47,168Through Dec 2026
Assumption only · ends Dec 2051$124,052
Assumption + second · ends Dec 2051, second Jan 2057$439,869
New conventional · ends Jan 2057$743,156