Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,827/mo
Lowest payment- Down payment
- $297,102
- Funds due
- $310,751
- Interest + MI left
- $105,314
- First ends
- Sep 2051
Assumption
Assumption + second
$3,561/mo
+$1,734/mo- Down payment
- $55,102
- Funds due
- $70,104
- Interest + MI left
- $487,452
- First ends
- Sep 2051
New loan
New conventional
$4,151/mo
+$2,324/mo- Down payment
- $55,102
- Funds due
- $66,302
- Interest + MI left
- $750,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,898 | $252,898 | $494,898 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,202.05 | $1,202.05 | $3,426.57 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | — | — | $98.98 |
| Taxes, insurance & HOA | $625.00 | $625.00 | $625.00 |
| Total housing payment | $1,827.05 | $3,560.77 | $4,150.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,102
Closing costs & prepaids$15,002
Usable credit−$0
Total buyer cash needed$70,104
Earnest money paid−$0
Remaining funds due$70,104
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,264.49
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)$1,375.00
Prepaid interest, first (2 days)$41.30
Prepaid interest, second (2 days)$102.77
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$41,580Through Nov 2026
Assumption only · ends Sep 2051$105,314
Assumption + second · ends Sep 2051, second Dec 2056$487,452
New conventional · ends Dec 2056$750,546