Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,461/mo
Lowest payment- Down payment
- $296,734
- Funds due
- $312,446
- Interest + MI left
- $136,580
- First ends
- Feb 2051
Assumption
Assumption + second
$4,101/mo
+$1,641/mo- Down payment
- $67,734
- Funds due
- $84,793
- Interest + MI left
- $498,190
- First ends
- Feb 2051
New loan
New conventional
$4,996/mo
+$2,535/mo- Down payment
- $67,734
- Funds due
- $80,302
- Interest + MI left
- $911,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,266 | $372,266 | $601,266 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,748.61 | $1,748.61 | $4,163.04 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $120.25 |
| Taxes, insurance & HOA | $712.25 | $712.25 | $712.25 |
| Total housing payment | $2,460.86 | $4,101.45 | $4,995.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,734
Closing costs & prepaids$17,059
Usable credit−$0
Total buyer cash needed$84,793
Earnest money paid−$0
Remaining funds due$84,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,861.33
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)$691.75
Initial HOA (3 months)$945.00
Prepaid interest, first (2 days)$55.48
Prepaid interest, second (2 days)$97.25
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$62,920Through Nov 2026
Assumption only · ends Feb 2051$136,580
Assumption + second · ends Feb 2051, second Dec 2056$498,190
New conventional · ends Dec 2056$911,740