Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $326,251
- Funds due
- $339,771
- Interest + MI left
- $85,786
- First ends
- Feb 2051
Assumption
Assumption + second
$3,646/mo
+$1,941/mo- Down payment
- $55,251
- Funds due
- $70,136
- Interest + MI left
- $513,718
- First ends
- Feb 2051
New loan
New conventional
$4,147/mo
+$2,442/mo- Down payment
- $55,251
- Funds due
- $66,496
- Interest + MI left
- $742,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,749 | $218,749 | $489,749 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,046.51 | $1,046.51 | $3,390.92 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $97.95 |
| Taxes, insurance & HOA | $657.83 | $657.83 | $657.83 |
| Total housing payment | $1,704.34 | $3,645.82 | $4,146.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,251
Closing costs & prepaids$14,885
Usable credit−$0
Total buyer cash needed$70,136
Earnest money paid−$0
Remaining funds due$70,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,093.74
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)$1,473.50
Prepaid interest, first (2 days)$34.64
Prepaid interest, second (2 days)$115.08
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 3 moOf the original 30-year loan at 2.890%
Interest already paid$39,208Through Nov 2026
Assumption only · ends Feb 2051$85,786
Assumption + second · ends Feb 2051, second Dec 2056$513,718
New conventional · ends Dec 2056$742,639