Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $223,787
- Funds due
- $235,929
- Interest + MI left
- $100,607
- First ends
- Jan 2051
Assumption
Assumption + second
$2,888/mo
+$1,291/mo- Down payment
- $47,787
- Funds due
- $61,256
- Interest + MI left
- $389,521
- First ends
- Jan 2051
New loan
New conventional
$3,409/mo
+$1,812/mo- Down payment
- $47,787
- Funds due
- $57,558
- Interest + MI left
- $640,230
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,213 | $246,213 | $422,213 |
| Second mortgage | — | $176,000 | — |
| First P&I | $1,195.93 | $1,195.93 | $2,923.32 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | — | — | $84.44 |
| Taxes, insurance & HOA | $400.83 | $400.83 | $400.83 |
| Total housing payment | $1,596.77 | $2,888.19 | $3,408.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,787
Closing costs & prepaids$13,469
Usable credit−$0
Total buyer cash needed$61,256
Earnest money paid−$0
Remaining funds due$61,256
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%)$1,231.07
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)$702.50
Prepaid interest, first (2 days)$40.61
Prepaid interest, second (2 days)$77.15
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.010%
Interest already paid$46,628Through Nov 2026
Assumption only · ends Jan 2051$100,607
Assumption + second · ends Jan 2051, second Dec 2056$389,521
New conventional · ends Dec 2056$640,230