Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $424,234
- Funds due
- $439,170
- Interest + MI left
- $98,495
- First ends
- Aug 2051
Assumption
Assumption + second
$4,415/mo
+$2,572/mo- Down payment
- $65,234
- Funds due
- $81,802
- Interest + MI left
- $665,386
- First ends
- Aug 2051
New loan
New conventional
$4,826/mo
+$2,983/mo- Down payment
- $65,234
- Funds due
- $78,075
- Interest + MI left
- $854,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,666 | $225,666 | $584,666 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,095.14 | $1,095.14 | $3,960.73 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $116.93 |
| Taxes, insurance & HOA | $748.25 | $748.25 | $748.25 |
| Total housing payment | $1,843.39 | $4,415.31 | $4,825.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,234
Closing costs & prepaids$16,568
Usable credit−$0
Total buyer cash needed$81,802
Earnest money paid−$0
Remaining funds due$81,802
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,128.33
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)$1,657.25
Initial HOA (3 months)$87.51
Prepaid interest, first (5 days)$96.76
Prepaid interest, second (5 days)$381.13
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 closing24 yr 8 moOf the original 30-year loan at 3.13%
Interest already paid$40,268Through Dec 2026
Assumption only · ends Aug 2051$98,495
Assumption + second · ends Aug 2051, second Jan 2057$665,386
New conventional · ends Jan 2057$854,878