Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $351,402
- Funds due
- $366,938
- Interest + MI left
- $135,839
- First ends
- Jan 2051
Assumption
Assumption + second
$4,060/mo
+$2,006/mo- Down payment
- $71,402
- Funds due
- $88,248
- Interest + MI left
- $577,982
- First ends
- Jan 2051
New loan
New conventional
$4,898/mo
+$2,844/mo- Down payment
- $71,402
- Funds due
- $83,740
- Interest + MI left
- $968,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,597 | $358,597 | $638,597 |
| Second mortgage | — | $280,000 | — |
| First P&I | $1,704.95 | $1,704.95 | $4,421.52 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $127.72 |
| Taxes, insurance & HOA | $349.25 | $349.25 | $349.25 |
| Total housing payment | $2,054.20 | $4,060.15 | $4,898.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,402
Closing costs & prepaids$16,846
Usable credit−$0
Total buyer cash needed$88,248
Earnest money paid−$0
Remaining funds due$88,248
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,792.99
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$397.75
Prepaid interest, first (1 days)$27.61
Prepaid interest, second (1 days)$59.45
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 2.810%
Interest already paid$63,544Through Nov 2026
Assumption only · ends Jan 2051$135,839
Assumption + second · ends Jan 2051, second Dec 2056$577,982
New conventional · ends Dec 2056$968,475