Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $197,065
- Funds due
- $211,099
- Interest + MI left
- $147,832
- First ends
- Feb 2051
Assumption
Assumption + second
$3,239/mo
+$1,005/mo- Down payment
- $60,065
- Funds due
- $75,379
- Interest + MI left
- $372,725
- First ends
- Feb 2051
New loan
New conventional
$4,187/mo
+$1,954/mo- Down payment
- $60,065
- Funds due
- $70,771
- Interest + MI left
- $818,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,935 | $402,935 | $539,935 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,892.67 | $1,892.67 | $3,738.40 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $340.67 | $340.67 | $340.67 |
| Total housing payment | $2,233.34 | $3,238.60 | $4,187.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,065
Closing costs & prepaids$15,315
Usable credit−$0
Total buyer cash needed$75,379
Earnest money paid−$0
Remaining funds due$75,379
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,014.68
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)$522.00
Prepaid interest, first (1 days)$30.03
Prepaid interest, second (1 days)$30.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.720%
Interest already paid$68,104Through Nov 2026
Assumption only · ends Feb 2051$147,832
Assumption + second · ends Feb 2051, second Dec 2056$372,725
New conventional · ends Dec 2056$818,848