Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $312,827
- Funds due
- $327,992
- Interest + MI left
- $164,209
- First ends
- Jul 2051
Assumption
Assumption + second
$3,988/mo
+$1,755/mo- Down payment
- $67,827
- Funds due
- $84,710
- Interest + MI left
- $551,085
- First ends
- Jul 2051
New loan
New conventional
$4,683/mo
+$2,450/mo- Down payment
- $67,827
- Funds due
- $80,495
- Interest + MI left
- $887,787
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $607,173 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $4,113.20 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $121.43 |
| Taxes, insurance & HOA | $448.67 | $448.67 | $448.67 |
| Total housing payment | $2,233.01 | $3,988.22 | $4,683.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,827
Closing costs & prepaids$16,883
Usable credit−$0
Total buyer cash needed$84,710
Earnest money paid−$0
Remaining funds due$84,710
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.86
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)$810.00
Initial HOA (3 months)$36.00
Prepaid interest, first (9 days)$290.23
Prepaid interest, second (9 days)$468.18
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 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$164,209
Assumption + second · ends Jul 2051, second Jan 2057$551,085
New conventional · ends Jan 2057$887,787