Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,830/mo
Lowest payment- Down payment
- $236,799
- Funds due
- $253,037
- Interest + MI left
- $182,779
- First ends
- Sep 2051
Assumption
Assumption + second
$4,062/mo
+$1,233/mo- Down payment
- $68,799
- Funds due
- $86,361
- Interest + MI left
- $458,560
- First ends
- Sep 2051
New loan
New conventional
$5,079/mo
+$2,250/mo- Down payment
- $68,799
- Funds due
- $81,521
- Interest + MI left
- $925,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,201 | $442,201 | $610,201 |
| Second mortgage | — | $168,000 | — |
| First P&I | $2,097.25 | $2,097.25 | $4,224.91 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $122.04 |
| Taxes, insurance & HOA | $732.50 | $732.50 | $732.50 |
| Total housing payment | $2,829.75 | $4,062.47 | $5,079.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,799
Closing costs & prepaids$17,562
Usable credit−$0
Total buyer cash needed$86,361
Earnest money paid−$0
Remaining funds due$86,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,211.01
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)$1,697.50
Prepaid interest, first (2 days)$71.72
Prepaid interest, second (2 days)$73.64
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 10 moOf the original 30-year loan at 2.960%
Interest already paid$72,231Through Nov 2026
Assumption only · ends Sep 2051$182,779
Assumption + second · ends Sep 2051, second Dec 2056$458,560
New conventional · ends Dec 2056$925,289