Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
Lowest payment- Down payment
- $225,947
- Funds due
- $241,172
- Interest + MI left
- $173,156
- First ends
- Oct 2051
Assumption
Assumption + second
$3,640/mo
+$1,174/mo- Down payment
- $65,947
- Funds due
- $82,632
- Interest + MI left
- $435,805
- First ends
- Oct 2051
New loan
New conventional
$4,569/mo
+$2,103/mo- Down payment
- $65,947
- Funds due
- $78,048
- Interest + MI left
- $867,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,453 | $433,453 | $593,453 |
| Second mortgage | — | $160,000 | — |
| First P&I | $2,035.60 | $2,035.60 | $4,020.26 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | — | — | $118.69 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $2,466.02 | $3,640.04 | $4,569.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,947
Closing costs & prepaids$16,685
Usable credit−$0
Total buyer cash needed$82,632
Earnest money paid−$0
Remaining funds due$82,632
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,594.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,167.27
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)$791.25
Prepaid interest, first (6 days)$204.49
Prepaid interest, second (6 days)$210.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.87%
Interest already paid$68,711Through Dec 2026
Assumption only · ends Oct 2051$173,156
Assumption + second · ends Oct 2051, second Jan 2057$435,805
New conventional · ends Jan 2057$867,726