Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,426/mo
Lowest payment- Down payment
- $323,137
- Funds due
- $339,670
- Interest + MI left
- $152,801
- First ends
- Jan 2051
Assumption
Assumption + second
$4,217/mo
+$1,791/mo- Down payment
- $73,137
- Funds due
- $91,238
- Interest + MI left
- $547,572
- First ends
- Jan 2051
New loan
New conventional
$5,052/mo
+$2,627/mo- Down payment
- $73,137
- Funds due
- $86,719
- Interest + MI left
- $952,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,763 | $401,763 | $651,763 |
| Second mortgage | — | $250,000 | — |
| First P&I | $1,918.91 | $1,918.91 | $4,415.27 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $130.35 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,425.58 | $4,216.61 | $5,052.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,137
Closing costs & prepaids$18,101
Usable credit−$0
Total buyer cash needed$91,238
Earnest money paid−$0
Remaining funds due$91,238
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,008.82
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)$870.00
Prepaid interest, first (6 days)$186.90
Prepaid interest, second (6 days)$318.49
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$72,806Through Dec 2026
Assumption only · ends Jan 2051$152,801
Assumption + second · ends Jan 2051, second Jan 2057$547,572
New conventional · ends Jan 2057$952,985