Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,752/mo
Lowest payment- Down payment
- $238,017
- Funds due
- $251,073
- Interest + MI left
- $117,149
- First ends
- Sep 2051
Assumption
Assumption + second
$3,110/mo
+$1,357/mo- Down payment
- $53,017
- Funds due
- $67,688
- Interest + MI left
- $420,837
- First ends
- Sep 2051
New loan
New conventional
$3,698/mo
+$1,945/mo- Down payment
- $53,017
- Funds due
- $63,929
- Interest + MI left
- $695,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,983 | $290,983 | $475,983 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,374.18 | $1,374.18 | $3,224.47 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $95.20 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $1,752.43 | $3,109.90 | $3,697.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,017
Closing costs & prepaids$14,671
Usable credit−$0
Total buyer cash needed$67,688
Earnest money paid−$0
Remaining funds due$67,688
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.92
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)$634.75
Prepaid interest, first (9 days)$208.07
Prepaid interest, second (9 days)$364.93
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 2.9%
Interest already paid$47,407Through Dec 2026
Assumption only · ends Sep 2051$117,149
Assumption + second · ends Sep 2051, second Jan 2057$420,837
New conventional · ends Jan 2057$695,966