Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $296,926
- Funds due
- $310,666
- Interest + MI left
- $121,178
- First ends
- Sep 2051
Assumption
Assumption + second
$3,499/mo
+$1,705/mo- Down payment
- $58,926
- Funds due
- $74,371
- Interest + MI left
- $497,000
- First ends
- Sep 2051
New loan
New conventional
$4,099/mo
+$2,306/mo- Down payment
- $58,926
- Funds due
- $70,547
- Interest + MI left
- $775,056
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,074 | $292,074 | $530,074 |
| Second mortgage | — | $238,000 | — |
| First P&I | $1,391.42 | $1,391.42 | $3,590.91 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $106.01 |
| Taxes, insurance & HOA | $402.25 | $402.25 | $402.25 |
| Total housing payment | $1,793.67 | $3,498.73 | $4,099.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,926
Closing costs & prepaids$15,445
Usable credit−$0
Total buyer cash needed$74,371
Earnest money paid−$0
Remaining funds due$74,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,460.37
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)$706.75
Prepaid interest, first (9 days)$214.61
Prepaid interest, second (9 days)$454.81
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$48,857Through Dec 2026
Assumption only · ends Sep 2051$121,178
Assumption + second · ends Sep 2051, second Jan 2057$497,000
New conventional · ends Jan 2057$775,056