Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $313,545
- Funds due
- $328,803
- Interest + MI left
- $147,221
- First ends
- Nov 2051
Assumption
Assumption + second
$3,931/mo
+$1,755/mo- Down payment
- $68,545
- Funds due
- $85,521
- Interest + MI left
- $534,096
- First ends
- Nov 2051
New loan
New conventional
$4,740/mo
+$2,565/mo- Down payment
- $68,545
- Funds due
- $81,298
- Interest + MI left
- $901,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,455 | $371,455 | $616,455 |
| Second mortgage | — | $245,000 | — |
| First P&I | $1,734.70 | $1,734.70 | $4,176.08 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $123.29 |
| Taxes, insurance & HOA | $440.67 | $440.67 | $440.67 |
| Total housing payment | $2,175.37 | $3,930.58 | $4,740.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,545
Closing costs & prepaids$16,976
Usable credit−$0
Total buyer cash needed$85,521
Earnest money paid−$0
Remaining funds due$85,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,857.27
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)$822.00
Prepaid interest, first (9 days)$260.12
Prepaid interest, second (9 days)$468.18
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 2.84%
Interest already paid$57,271Through Dec 2026
Assumption only · ends Nov 2051$147,221
Assumption + second · ends Nov 2051, second Jan 2057$534,096
New conventional · ends Jan 2057$901,359