Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $385,796
- Funds due
- $399,612
- Interest + MI left
- $87,503
- First ends
- Jan 2051
Assumption
Assumption + second
$3,919/mo
+$2,321/mo- Down payment
- $61,796
- Funds due
- $76,999
- Interest + MI left
- $599,127
- First ends
- Jan 2051
New loan
New conventional
$4,446/mo
+$2,849/mo- Down payment
- $61,796
- Funds due
- $73,244
- Interest + MI left
- $838,971
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,204 | $229,204 | $553,204 |
| Second mortgage | — | $324,000 | — |
| First P&I | $1,092.09 | $1,092.09 | $3,830.27 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | — | — | $110.64 |
| Taxes, insurance & HOA | $505.50 | $505.50 | $505.50 |
| Total housing payment | $1,597.59 | $3,918.77 | $4,446.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,796
Closing costs & prepaids$15,204
Usable credit−$0
Total buyer cash needed$76,999
Earnest money paid−$0
Remaining funds due$76,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,146.02
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)$776.50
Initial HOA (3 months)$240.00
Prepaid interest, first (2 days)$35.54
Prepaid interest, second (2 days)$137.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.830%
Interest already paid$40,895Through Nov 2026
Assumption only · ends Jan 2051$87,503
Assumption + second · ends Jan 2051, second Dec 2056$599,127
New conventional · ends Dec 2056$838,971