Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $267,742
- Funds due
- $280,428
- Interest + MI left
- $96,319
- First ends
- Sep 2051
Assumption
Assumption + second
$3,123/mo
+$1,555/mo- Down payment
- $50,742
- Funds due
- $65,092
- Interest + MI left
- $438,981
- First ends
- Sep 2051
New loan
New conventional
$3,595/mo
+$2,027/mo- Down payment
- $50,742
- Funds due
- $61,591
- Interest + MI left
- $656,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,158 | $232,158 | $449,158 |
| Second mortgage | — | $217,000 | — |
| First P&I | $1,105.98 | $1,105.98 | $3,042.75 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | — | — | $89.83 |
| Taxes, insurance & HOA | $462.34 | $462.34 | $462.34 |
| Total housing payment | $1,568.32 | $3,122.94 | $3,594.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,742
Closing costs & prepaids$14,350
Usable credit−$0
Total buyer cash needed$65,092
Earnest money paid−$0
Remaining funds due$65,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,160.79
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)$600.00
Initial HOA (3 months)$287.01
Prepaid interest, first (9 days)$170.59
Prepaid interest, second (9 days)$414.68
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$38,835Through Dec 2026
Assumption only · ends Sep 2051$96,319
Assumption + second · ends Sep 2051, second Jan 2057$438,981
New conventional · ends Jan 2057$656,653