Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $394,744
- Funds due
- $410,620
- Interest + MI left
- $119,974
- First ends
- Feb 2051
Assumption
Assumption + second
$4,312/mo
+$2,314/mo- Down payment
- $71,744
- Funds due
- $89,282
- Interest + MI left
- $630,018
- First ends
- Feb 2051
New loan
New conventional
$4,945/mo
+$2,947/mo- Down payment
- $71,744
- Funds due
- $85,144
- Interest + MI left
- $931,774
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,256 | $314,256 | $637,256 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,497.34 | $1,497.34 | $4,316.99 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $127.45 |
| Taxes, insurance & HOA | $500.25 | $500.25 | $500.25 |
| Total housing payment | $1,997.59 | $4,311.60 | $4,944.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,744
Closing costs & prepaids$17,538
Usable credit−$0
Total buyer cash needed$89,282
Earnest money paid−$0
Remaining funds due$89,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,571.28
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)$850.75
Prepaid interest, first (6 days)$146.19
Prepaid interest, second (6 days)$411.49
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$56,070Through Dec 2026
Assumption only · ends Feb 2051$119,974
Assumption + second · ends Feb 2051, second Jan 2057$630,018
New conventional · ends Jan 2057$931,774