Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $229,432
- Funds due
- $240,872
- Interest + MI left
- $88,409
- First ends
- Feb 2051
Assumption
Assumption + second
$2,726/mo
+$1,350/mo- Down payment
- $45,432
- Funds due
- $58,485
- Interest + MI left
- $390,454
- First ends
- Feb 2051
New loan
New conventional
$3,115/mo
+$1,739/mo- Down payment
- $45,432
- Funds due
- $55,094
- Interest + MI left
- $584,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,568 | $215,568 | $399,568 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,048.20 | $1,048.20 | $2,706.81 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $79.91 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,376.20 | $2,726.32 | $3,114.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,432
Closing costs & prepaids$13,053
Usable credit−$0
Total buyer cash needed$58,485
Earnest money paid−$0
Remaining funds due$58,485
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.84
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (9 days)$160.52
Prepaid interest, second (9 days)$362.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 3.02%
Interest already paid$40,956Through Dec 2026
Assumption only · ends Feb 2051$88,409
Assumption + second · ends Feb 2051, second Jan 2057$390,454
New conventional · ends Jan 2057$584,155