Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $342,792
- Funds due
- $356,220
- Interest + MI left
- $98,755
- First ends
- Oct 2051
Assumption
Assumption + second
$3,591/mo
+$2,027/mo- Down payment
- $59,792
- Funds due
- $74,831
- Interest + MI left
- $545,636
- First ends
- Oct 2051
New loan
New conventional
$4,101/mo
+$2,537/mo- Down payment
- $59,792
- Funds due
- $71,103
- Interest + MI left
- $775,252
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,208 | $247,208 | $530,208 |
| Second mortgage | — | $283,000 | — |
| First P&I | $1,160.95 | $1,160.95 | $3,591.81 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | — | — | $106.04 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $1,563.62 | $3,591.06 | $4,100.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,792
Closing costs & prepaids$15,039
Usable credit−$0
Total buyer cash needed$74,831
Earnest money paid−$0
Remaining funds due$74,831
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,236.04
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)$708.00
Prepaid interest, first (6 days)$116.63
Prepaid interest, second (6 days)$360.53
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$39,187Through Dec 2026
Assumption only · ends Oct 2051$98,755
Assumption + second · ends Oct 2051, second Jan 2057$545,636
New conventional · ends Jan 2057$775,252