Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,554/mo
Lowest payment- Down payment
- $189,022
- Funds due
- $200,737
- Interest + MI left
- $103,483
- First ends
- Aug 2051
Assumption
Assumption + second
$2,610/mo
+$1,057/mo- Down payment
- $45,022
- Funds due
- $58,271
- Interest + MI left
- $339,866
- First ends
- Aug 2051
New loan
New conventional
$3,140/mo
+$1,586/mo- Down payment
- $45,022
- Funds due
- $54,728
- Interest + MI left
- $589,220
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,978 | $258,978 | $402,978 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,224.53 | $1,224.53 | $2,729.91 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $80.60 |
| Taxes, insurance & HOA | $329.17 | $329.17 | $329.17 |
| Total housing payment | $1,553.70 | $2,610.32 | $3,139.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,022
Closing costs & prepaids$13,249
Usable credit−$0
Total buyer cash needed$58,271
Earnest money paid−$0
Remaining funds due$58,271
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,294.89
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)$537.50
Prepaid interest, first (9 days)$184.55
Prepaid interest, second (9 days)$284.05
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 8 moOf the original 30-year loan at 2.89%
Interest already paid$42,774Through Dec 2026
Assumption only · ends Aug 2051$103,483
Assumption + second · ends Aug 2051, second Jan 2057$339,866
New conventional · ends Jan 2057$589,220