Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $198,044
- Funds due
- $212,421
- Interest + MI left
- $146,919
- First ends
- Feb 2051
Assumption
Assumption + second
$3,312/mo
+$1,013/mo- Down payment
- $60,044
- Funds due
- $75,853
- Interest + MI left
- $373,453
- First ends
- Feb 2051
New loan
New conventional
$4,173/mo
+$1,873/mo- Down payment
- $60,044
- Funds due
- $71,476
- Interest + MI left
- $789,505
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,956 | $401,956 | $539,956 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,892.67 | $1,892.67 | $3,657.85 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $107.99 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $2,299.34 | $3,311.93 | $4,172.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,044
Closing costs & prepaids$15,809
Usable credit−$0
Total buyer cash needed$75,853
Earnest money paid−$0
Remaining funds due$75,853
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,009.78
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)$720.00
Prepaid interest, first (6 days)$179.72
Prepaid interest, second (6 days)$181.48
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$69,017Through Dec 2026
Assumption only · ends Feb 2051$146,919
Assumption + second · ends Feb 2051, second Jan 2057$373,453
New conventional · ends Jan 2057$789,505