Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $326,150
- Funds due
- $339,979
- Interest + MI left
- $104,765
- First ends
- Apr 2051
Assumption
Assumption + second
$3,621/mo
+$1,898/mo- Down payment
- $61,150
- Funds due
- $76,735
- Interest + MI left
- $523,222
- First ends
- Apr 2051
New loan
New conventional
$4,202/mo
+$2,479/mo- Down payment
- $61,150
- Funds due
- $72,952
- Interest + MI left
- $795,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,850 | $278,850 | $543,850 |
| Second mortgage | — | $265,000 | — |
| First P&I | $1,313.75 | $1,313.75 | $3,684.23 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $108.77 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $1,722.42 | $3,620.91 | $4,201.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,150
Closing costs & prepaids$15,585
Usable credit−$0
Total buyer cash needed$76,735
Earnest money paid−$0
Remaining funds due$76,735
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,394.25
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)$726.00
Prepaid interest, first (9 days)$190.46
Prepaid interest, second (9 days)$506.40
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$47,211Through Dec 2026
Assumption only · ends Apr 2051$104,765
Assumption + second · ends Apr 2051, second Jan 2057$523,222
New conventional · ends Jan 2057$795,199