Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,793/mo
Lowest payment- Down payment
- $343,002
- Funds due
- $359,258
- Interest + MI left
- $84,239
- First ends
- Sep 2045
Assumption
Assumption + second
$4,785/mo
+$1,992/mo- Down payment
- $65,002
- Funds due
- $82,744
- Interest + MI left
- $523,224
- First ends
- Sep 2045
New loan
New conventional
$5,106/mo
+$2,313/mo- Down payment
- $65,002
- Funds due
- $78,645
- Interest + MI left
- $845,406
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,998 | $306,998 | $584,998 |
| Second mortgage | — | $278,000 | — |
| First P&I | $1,738.83 | $1,738.83 | $3,935.32 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $117.00 |
| Taxes, insurance & HOA | $1,054.17 | $1,054.17 | $1,054.17 |
| Total housing payment | $2,793.00 | $4,784.62 | $5,106.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,002
Closing costs & prepaids$17,742
Usable credit−$0
Total buyer cash needed$82,744
Earnest money paid−$0
Remaining funds due$82,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,534.99
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)$1,657.50
Initial HOA (3 months)$1,005.00
Prepaid interest, first (4 days)$90.50
Prepaid interest, second (4 days)$236.11
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 closing18 yr 9 moOf the original 25-year loan at 2.69%
Interest already paid$57,956Through Dec 2026
Assumption only · ends Sep 2045$84,239
Assumption + second · ends Sep 2045, second Jan 2057$523,224
New conventional · ends Jan 2057$845,406