Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,422/mo
Lowest payment- Down payment
- $370,521
- Funds due
- $387,364
- Interest + MI left
- $130,093
- First ends
- Feb 2051
Assumption
Assumption + second
$4,564/mo
+$2,142/mo- Down payment
- $71,521
- Funds due
- $89,741
- Interest + MI left
- $602,239
- First ends
- Feb 2051
New loan
New conventional
$5,357/mo
+$2,935/mo- Down payment
- $71,521
- Funds due
- $85,365
- Interest + MI left
- $968,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,479 | $339,479 | $638,479 |
| Second mortgage | — | $299,000 | — |
| First P&I | $1,613.65 | $1,613.65 | $4,420.70 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | — | — | $127.70 |
| Taxes, insurance & HOA | $808.33 | $808.33 | $808.33 |
| Total housing payment | $2,421.98 | $4,564.05 | $5,356.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,521
Closing costs & prepaids$18,220
Usable credit−$0
Total buyer cash needed$89,741
Earnest money paid−$0
Remaining funds due$89,741
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,697.39
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,775.00
Prepaid interest, first (2 days)$52.64
Prepaid interest, second (2 days)$126.97
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 2.830%
Interest already paid$59,624Through Nov 2026
Assumption only · ends Feb 2051$130,093
Assumption + second · ends Feb 2051, second Dec 2056$602,239
New conventional · ends Dec 2056$968,296