Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,256/mo
Lowest payment- Down payment
- $293,112
- Funds due
- $308,267
- Interest + MI left
- $158,440
- First ends
- Sep 2051
Assumption
Assumption + second
$3,868/mo
+$1,612/mo- Down payment
- $68,112
- Funds due
- $84,852
- Interest + MI left
- $513,734
- First ends
- Sep 2051
New loan
New conventional
$4,669/mo
+$2,413/mo- Down payment
- $68,112
- Funds due
- $80,502
- Interest + MI left
- $887,369
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,887 | $381,887 | $606,887 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,819.28 | $1,819.28 | $4,111.26 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | — | — | $121.38 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $2,255.95 | $3,867.88 | $4,669.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,112
Closing costs & prepaids$16,740
Usable credit−$0
Total buyer cash needed$84,852
Earnest money paid−$0
Remaining funds due$84,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,909.44
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)$810.00
Prepaid interest, first (7 days)$218.25
Prepaid interest, second (7 days)$334.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 9 moOf the original 30-year loan at 2.98%
Interest already paid$63,881Through Dec 2026
Assumption only · ends Sep 2051$158,440
Assumption + second · ends Sep 2051, second Jan 2057$513,734
New conventional · ends Jan 2057$887,369