Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $248,330
- Funds due
- $262,193
- Interest + MI left
- $134,493
- First ends
- Oct 2051
Assumption
Assumption + second
$3,369/mo
+$1,387/mo- Down payment
- $59,330
- Funds due
- $74,691
- Interest + MI left
- $444,746
- First ends
- Oct 2051
New loan
New conventional
$4,067/mo
+$2,085/mo- Down payment
- $59,330
- Funds due
- $70,584
- Interest + MI left
- $768,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,670 | $336,670 | $525,670 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,581.08 | $1,581.08 | $3,561.07 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | — | — | $105.13 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,981.75 | $3,368.56 | $4,066.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,330
Closing costs & prepaids$15,361
Usable credit−$0
Total buyer cash needed$74,691
Earnest money paid−$0
Remaining funds due$74,691
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,683.35
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)$702.00
Prepaid interest, first (6 days)$158.83
Prepaid interest, second (6 days)$248.55
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$53,369Through Dec 2026
Assumption only · ends Oct 2051$134,493
Assumption + second · ends Oct 2051, second Jan 2057$444,746
New conventional · ends Jan 2057$768,616