Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,772/mo
Lowest payment- Down payment
- $253,915
- Funds due
- $267,232
- Interest + MI left
- $118,261
- First ends
- Nov 2051
Assumption
Assumption + second
$3,225/mo
+$1,453/mo- Down payment
- $55,915
- Funds due
- $70,873
- Interest + MI left
- $443,288
- First ends
- Nov 2051
New loan
New conventional
$3,833/mo
+$2,060/mo- Down payment
- $55,915
- Funds due
- $67,066
- Interest + MI left
- $722,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,085 | $296,085 | $494,085 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,385.77 | $1,385.77 | $3,347.10 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,772.44 | $3,225.29 | $3,832.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,915
Closing costs & prepaids$14,958
Usable credit−$0
Total buyer cash needed$70,873
Earnest money paid−$0
Remaining funds due$70,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,480.43
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)$660.00
Prepaid interest, first (9 days)$208.80
Prepaid interest, second (9 days)$390.58
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 2.86%
Interest already paid$45,963Through Dec 2026
Assumption only · ends Nov 2051$118,261
Assumption + second · ends Nov 2051, second Jan 2057$443,288
New conventional · ends Jan 2057$722,335