Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $220,005
- Funds due
- $232,279
- Interest + MI left
- $110,666
- First ends
- Aug 2051
Assumption
Assumption + second
$2,873/mo
+$1,262/mo- Down payment
- $48,005
- Funds due
- $61,756
- Interest + MI left
- $393,014
- First ends
- Aug 2051
New loan
New conventional
$3,372/mo
+$1,761/mo- Down payment
- $48,005
- Funds due
- $58,086
- Interest + MI left
- $631,648
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,995 | $259,995 | $431,995 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,252.24 | $1,252.24 | $2,926.48 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $86.40 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,610.90 | $2,872.98 | $3,371.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,005
Closing costs & prepaids$13,751
Usable credit−$0
Total buyer cash needed$61,756
Earnest money paid−$0
Remaining funds due$61,756
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,299.98
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)$576.00
Prepaid interest, first (6 days)$130.78
Prepaid interest, second (6 days)$226.19
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$45,389Through Dec 2026
Assumption only · ends Aug 2051$110,666
Assumption + second · ends Aug 2051, second Jan 2057$393,014
New conventional · ends Jan 2057$631,648