Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $242,763
- Funds due
- $257,774
- Interest + MI left
- $119,656
- First ends
- Aug 2051
Assumption
Assumption + second
$3,606/mo
+$1,313/mo- Down payment
- $63,763
- Funds due
- $80,063
- Interest + MI left
- $413,494
- First ends
- Aug 2051
New loan
New conventional
$4,639/mo
+$2,346/mo- Down payment
- $63,763
- Funds due
- $75,474
- Interest + MI left
- $866,319
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,237 | $392,237 | $571,237 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,723.55 | $1,723.55 | $3,955.13 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $114.25 |
| Taxes, insurance & HOA | $569.42 | $569.42 | $569.42 |
| Total housing payment | $2,292.96 | $3,606.40 | $4,638.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,763
Closing costs & prepaids$16,301
Usable credit−$0
Total buyer cash needed$80,063
Earnest money paid−$0
Remaining funds due$80,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,961.19
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)$1,208.25
Prepaid interest, first (1 days)$24.18
Prepaid interest, second (1 days)$39.23
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 9 moOf the original 30-year loan at 2.250%
Interest already paid$49,921Through Nov 2026
Assumption only · ends Aug 2051$119,656
Assumption + second · ends Aug 2051, second Dec 2056$413,494
New conventional · ends Dec 2056$866,319