Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
Lowest payment- Down payment
- $264,027
- Funds due
- $277,454
- Interest + MI left
- $117,305
- First ends
- Nov 2051
Assumption
Assumption + second
$3,263/mo
+$1,490/mo- Down payment
- $56,027
- Funds due
- $71,101
- Interest + MI left
- $445,754
- First ends
- Nov 2051
New loan
New conventional
$3,906/mo
+$2,133/mo- Down payment
- $56,027
- Funds due
- $67,306
- Interest + MI left
- $736,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,973 | $295,973 | $503,973 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,382.20 | $1,382.20 | $3,414.09 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $100.79 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $1,772.87 | $3,263.01 | $3,905.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,027
Closing costs & prepaids$15,075
Usable credit−$0
Total buyer cash needed$71,101
Earnest money paid−$0
Remaining funds due$71,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,479.87
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)$672.00
Prepaid interest, first (9 days)$207.26
Prepaid interest, second (9 days)$397.48
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$45,634Through Dec 2026
Assumption only · ends Nov 2051$117,305
Assumption + second · ends Nov 2051, second Jan 2057$445,754
New conventional · ends Jan 2057$736,892