Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $239,259
- Funds due
- $254,669
- Interest + MI left
- $293,160
- First ends
- Jul 2051
Assumption
Assumption + second
$4,300/mo
+$1,299/mo- Down payment
- $62,259
- Funds due
- $79,075
- Interest + MI left
- $583,715
- First ends
- Jul 2051
New loan
New conventional
$4,559/mo
+$1,558/mo- Down payment
- $62,259
- Funds due
- $74,594
- Interest + MI left
- $797,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,731 | $374,731 | $551,731 |
| Second mortgage | — | $177,000 | — |
| First P&I | $2,264.04 | $2,264.04 | $3,711.53 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $110.35 |
| Taxes, insurance & HOA | $737.58 | $737.58 | $737.58 |
| Total housing payment | $3,001.62 | $4,300.38 | $4,559.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,259
Closing costs & prepaids$16,815
Usable credit−$0
Total buyer cash needed$79,075
Earnest money paid−$0
Remaining funds due$79,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,139.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,873.65
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)$1,565.75
Initial HOA (3 months)$147.00
Prepaid interest, first (4 days)$215.60
Prepaid interest, second (4 days)$155.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.25%
Interest already paid$111,893Through Dec 2026
Assumption only · ends Jul 2051$293,160
Assumption + second · ends Jul 2051, second Jan 2057$583,715
New conventional · ends Jan 2057$797,220