Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,206/mo
Lowest payment- Down payment
- $352,267
- Funds due
- $368,474
- Interest + MI left
- $134,999
- First ends
- Jan 2051
Assumption
Assumption + second
$4,219/mo
+$2,013/mo- Down payment
- $71,267
- Funds due
- $89,261
- Interest + MI left
- $578,721
- First ends
- Jan 2051
New loan
New conventional
$4,955/mo
+$2,750/mo- Down payment
- $71,267
- Funds due
- $85,062
- Interest + MI left
- $933,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,732 | $357,732 | $638,732 |
| Second mortgage | — | $281,000 | — |
| First P&I | $1,704.95 | $1,704.95 | $4,326.99 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | — | — | $127.75 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $2,205.62 | $4,218.74 | $4,955.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,267
Closing costs & prepaids$17,993
Usable credit−$0
Total buyer cash needed$89,261
Earnest money paid−$0
Remaining funds due$89,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,788.66
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$852.00
Prepaid interest, first (9 days)$247.86
Prepaid interest, second (9 days)$536.98
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$64,383Through Dec 2026
Assumption only · ends Jan 2051$134,999
Assumption + second · ends Jan 2051, second Jan 2057$578,721
New conventional · ends Jan 2057$933,932