Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,644/mo
Lowest payment- Down payment
- $249,359
- Funds due
- $262,120
- Interest + MI left
- $110,617
- First ends
- Aug 2051
Assumption
Assumption + second
$3,089/mo
+$1,446/mo- Down payment
- $52,359
- Funds due
- $66,759
- Interest + MI left
- $434,003
- First ends
- Aug 2051
New loan
New conventional
$3,599/mo
+$1,955/mo- Down payment
- $52,359
- Funds due
- $63,097
- Interest + MI left
- $676,365
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,641 | $265,641 | $462,641 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,271.14 | $1,271.14 | $3,134.09 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $92.53 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,643.81 | $3,089.32 | $3,599.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,359
Closing costs & prepaids$14,399
Usable credit−$0
Total buyer cash needed$66,759
Earnest money paid−$0
Remaining funds due$66,759
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,328.20
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)$618.00
Prepaid interest, first (9 days)$196.50
Prepaid interest, second (9 days)$388.60
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 8 moOf the original 30-year loan at 3%
Interest already paid$45,493Through Dec 2026
Assumption only · ends Aug 2051$110,617
Assumption + second · ends Aug 2051, second Jan 2057$434,003
New conventional · ends Jan 2057$676,365