Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $233,912
- Funds due
- $247,962
- Interest + MI left
- $135,944
- First ends
- Jan 2051
Assumption
Assumption + second
$3,432/mo
+$1,277/mo- Down payment
- $59,912
- Funds due
- $75,250
- Interest + MI left
- $421,574
- First ends
- Jan 2051
New loan
New conventional
$4,234/mo
+$2,080/mo- Down payment
- $59,912
- Funds due
- $70,870
- Interest + MI left
- $803,808
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,088 | $356,088 | $530,088 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,696.66 | $1,696.66 | $3,670.22 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $106.02 |
| Taxes, insurance & HOA | $458.17 | $458.17 | $458.17 |
| Total housing payment | $2,154.83 | $3,431.58 | $4,234.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,912
Closing costs & prepaids$15,339
Usable credit−$0
Total buyer cash needed$75,250
Earnest money paid−$0
Remaining funds due$75,250
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,780.44
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)$874.50
Prepaid interest, first (1 days)$27.61
Prepaid interest, second (1 days)$38.14
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$63,534Through Nov 2026
Assumption only · ends Jan 2051$135,944
Assumption + second · ends Jan 2051, second Dec 2056$421,574
New conventional · ends Dec 2056$803,808