Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $202,988
- Funds due
- $215,327
- Interest + MI left
- $108,623
- First ends
- Oct 2051
Assumption
Assumption + second
$2,771/mo
+$1,137/mo- Down payment
- $47,988
- Funds due
- $61,883
- Interest + MI left
- $363,064
- First ends
- Oct 2051
New loan
New conventional
$3,334/mo
+$1,700/mo- Down payment
- $47,988
- Funds due
- $58,258
- Interest + MI left
- $624,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,912 | $271,912 | $426,912 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,276.96 | $1,276.96 | $2,892.05 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $85.38 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,633.63 | $2,770.96 | $3,334.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,988
Closing costs & prepaids$13,895
Usable credit−$0
Total buyer cash needed$61,883
Earnest money paid−$0
Remaining funds due$61,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.56
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)$570.00
Prepaid interest, first (9 days)$192.42
Prepaid interest, second (9 days)$305.75
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$43,103Through Dec 2026
Assumption only · ends Oct 2051$108,623
Assumption + second · ends Oct 2051, second Jan 2057$363,064
New conventional · ends Jan 2057$624,216