Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,473/mo
Lowest payment- Down payment
- $300,239
- Funds due
- $312,871
- Interest + MI left
- $92,499
- First ends
- Jul 2051
Assumption
Assumption + second
$3,235/mo
+$1,762/mo- Down payment
- $54,239
- Funds due
- $68,173
- Interest + MI left
- $480,953
- First ends
- Jul 2051
New loan
New conventional
$3,807/mo
+$2,334/mo- Down payment
- $54,239
- Funds due
- $64,422
- Interest + MI left
- $735,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,761 | $238,761 | $484,761 |
| Second mortgage | — | $246,000 | — |
| First P&I | $1,119.12 | $1,119.12 | $3,356.39 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $96.95 |
| Taxes, insurance & HOA | $353.92 | $353.92 | $353.92 |
| Total housing payment | $1,473.04 | $3,235.41 | $3,807.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,239
Closing costs & prepaids$13,934
Usable credit−$0
Total buyer cash needed$68,173
Earnest money paid−$0
Remaining funds due$68,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.81
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)$561.75
Prepaid interest, first (1 days)$18.38
Prepaid interest, second (1 days)$52.23
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 8 moOf the original 30-year loan at 2.810%
Interest already paid$38,375Through Nov 2026
Assumption only · ends Jul 2051$92,499
Assumption + second · ends Jul 2051, second Dec 2056$480,953
New conventional · ends Dec 2056$735,173