Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,325/mo
Lowest payment- Down payment
- $326,018
- Funds due
- $341,545
- Interest + MI left
- $131,053
- First ends
- Jan 2052
Assumption
Assumption + second
$4,209/mo
+$1,884/mo- Down payment
- $63,018
- Funds due
- $80,075
- Interest + MI left
- $546,352
- First ends
- Jan 2052
New loan
New conventional
$4,815/mo
+$2,491/mo- Down payment
- $63,018
- Funds due
- $76,053
- Interest + MI left
- $821,711
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,982 | $298,982 | $561,982 |
| Second mortgage | — | $263,000 | — |
| First P&I | $1,428.69 | $1,428.69 | $3,807.06 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | — | — | $112.40 |
| Taxes, insurance & HOA | $895.92 | $895.92 | $895.92 |
| Total housing payment | $2,324.60 | $4,208.77 | $4,815.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,018
Closing costs & prepaids$17,056
Usable credit−$0
Total buyer cash needed$80,075
Earnest money paid−$0
Remaining funds due$80,075
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,494.91
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)$1,593.75
Initial HOA (3 months)$594.00
Prepaid interest, first (5 days)$126.56
Prepaid interest, second (5 days)$279.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yr 1 moOf the original 30-year loan at 3.09%
Interest already paid$48,274Through Dec 2026
Assumption only · ends Jan 2052$131,053
Assumption + second · ends Jan 2052, second Jan 2057$546,352
New conventional · ends Jan 2057$821,711