Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $209,957
- Funds due
- $225,026
- Interest + MI left
- $154,603
- First ends
- Mar 2051
Assumption
Assumption + second
$3,496/mo
+$1,064/mo- Down payment
- $64,957
- Funds due
- $81,562
- Interest + MI left
- $392,628
- First ends
- Mar 2051
New loan
New conventional
$4,433/mo
+$2,001/mo- Down payment
- $64,957
- Funds due
- $77,168
- Interest + MI left
- $840,693
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,043 | $430,043 | $575,043 |
| Second mortgage | — | $145,000 | — |
| First P&I | $2,009.09 | $2,009.09 | $3,895.54 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $115.01 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $2,431.76 | $3,495.72 | $4,433.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,957
Closing costs & prepaids$16,605
Usable credit−$0
Total buyer cash needed$81,562
Earnest money paid−$0
Remaining funds due$81,562
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,150.21
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)$768.00
Prepaid interest, first (9 days)$283.12
Prepaid interest, second (9 days)$286.03
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$71,390Through Dec 2026
Assumption only · ends Mar 2051$154,603
Assumption + second · ends Mar 2051, second Jan 2057$392,628
New conventional · ends Jan 2057$840,693