Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,452/mo
Lowest payment- Down payment
- $236,699
- Funds due
- $248,753
- Interest + MI left
- $84,930
- First ends
- Feb 2051
Assumption
Assumption + second
$2,839/mo
+$1,387/mo- Down payment
- $47,699
- Funds due
- $61,376
- Interest + MI left
- $395,184
- First ends
- Feb 2051
New loan
New conventional
$3,300/mo
+$1,848/mo- Down payment
- $47,699
- Funds due
- $57,909
- Interest + MI left
- $617,389
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,301 | $233,301 | $422,301 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,097.35 | $1,097.35 | $2,860.81 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $84.46 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,452.02 | $2,838.83 | $3,299.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,699
Closing costs & prepaids$13,677
Usable credit−$0
Total buyer cash needed$61,376
Earnest money paid−$0
Remaining funds due$61,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,166.51
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)$564.00
Prepaid interest, first (9 days)$155.90
Prepaid interest, second (9 days)$372.82
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$39,916Through Dec 2026
Assumption only · ends Feb 2051$84,930
Assumption + second · ends Feb 2051, second Jan 2057$395,184
New conventional · ends Jan 2057$617,389