Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,237/mo
Lowest payment- Down payment
- $274,546
- Funds due
- $289,454
- Interest + MI left
- $140,018
- First ends
- Jul 2051
Assumption
Assumption + second
$3,727/mo
+$1,490/mo- Down payment
- $66,546
- Funds due
- $82,748
- Interest + MI left
- $468,467
- First ends
- Jul 2051
New loan
New conventional
$4,689/mo
+$2,452/mo- Down payment
- $66,546
- Funds due
- $78,160
- Interest + MI left
- $900,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,454 | $385,454 | $593,454 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,775.24 | $1,775.24 | $4,108.96 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $118.69 |
| Taxes, insurance & HOA | $461.42 | $461.42 | $461.42 |
| Total housing payment | $2,236.66 | $3,726.80 | $4,689.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,546
Closing costs & prepaids$16,202
Usable credit−$0
Total buyer cash needed$82,748
Earnest money paid−$0
Remaining funds due$82,748
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,927.27
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)$884.25
Prepaid interest, first (1 days)$27.98
Prepaid interest, second (1 days)$44.16
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 2.650%
Interest already paid$58,523Through Nov 2026
Assumption only · ends Jul 2051$140,018
Assumption + second · ends Jul 2051, second Dec 2056$468,467
New conventional · ends Dec 2056$900,013