Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,125/mo
Lowest payment- Down payment
- $332,226
- Funds due
- $347,110
- Interest + MI left
- $136,197
- First ends
- Jul 2051
Assumption
Assumption + second
$4,038/mo
+$1,913/mo- Down payment
- $65,226
- Funds due
- $81,474
- Interest + MI left
- $557,813
- First ends
- Jul 2051
New loan
New conventional
$4,757/mo
+$2,632/mo- Down payment
- $65,226
- Funds due
- $77,261
- Interest + MI left
- $886,697
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,674 | $317,674 | $584,674 |
| Second mortgage | — | $267,000 | — |
| First P&I | $1,533.35 | $1,533.35 | $4,048.16 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | — | — | $116.93 |
| Taxes, insurance & HOA | $592.00 | $592.00 | $592.00 |
| Total housing payment | $2,125.35 | $4,038.17 | $4,757.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,226
Closing costs & prepaids$16,248
Usable credit−$0
Total buyer cash needed$81,474
Earnest money paid−$0
Remaining funds due$81,474
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,588.37
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)$1,276.00
Prepaid interest, first (2 days)$53.61
Prepaid interest, second (2 days)$113.38
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$55,809Through Nov 2026
Assumption only · ends Jul 2051$136,197
Assumption + second · ends Jul 2051, second Dec 2056$557,813
New conventional · ends Dec 2056$886,697