Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,754/mo
Lowest payment- Down payment
- $257,157
- Funds due
- $270,452
- Interest + MI left
- $116,025
- First ends
- Nov 2051
Assumption
Assumption + second
$3,201/mo
+$1,447/mo- Down payment
- $55,157
- Funds due
- $70,088
- Interest + MI left
- $435,000
- First ends
- Nov 2051
New loan
New conventional
$3,837/mo
+$2,083/mo- Down payment
- $55,157
- Funds due
- $66,315
- Interest + MI left
- $723,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,743 | $292,743 | $494,743 |
| Second mortgage | — | $202,000 | — |
| First P&I | $1,367.12 | $1,367.12 | $3,351.56 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $98.95 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,753.78 | $3,200.94 | $3,837.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,157
Closing costs & prepaids$14,932
Usable credit−$0
Total buyer cash needed$70,088
Earnest money paid−$0
Remaining funds due$70,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,463.72
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)$660.00
Prepaid interest, first (9 days)$205.00
Prepaid interest, second (9 days)$386.01
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$45,136Through Dec 2026
Assumption only · ends Nov 2051$116,025
Assumption + second · ends Nov 2051, second Jan 2057$435,000
New conventional · ends Jan 2057$723,396