Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $295,804
- Funds due
- $309,231
- Interest + MI left
- $100,784
- First ends
- Mar 2051
Assumption
Assumption + second
$3,407/mo
+$1,705/mo- Down payment
- $57,804
- Funds due
- $72,785
- Interest + MI left
- $476,606
- First ends
- Mar 2051
New loan
New conventional
$4,004/mo
+$2,301/mo- Down payment
- $57,804
- Funds due
- $68,951
- Interest + MI left
- $756,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,196 | $279,196 | $517,196 |
| Second mortgage | — | $238,000 | — |
| First P&I | $1,305.77 | $1,305.77 | $3,503.67 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $103.44 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,702.44 | $3,407.50 | $4,003.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,804
Closing costs & prepaids$14,980
Usable credit−$0
Total buyer cash needed$72,785
Earnest money paid−$0
Remaining funds due$72,785
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,395.98
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)$690.00
Prepaid interest, first (6 days)$123.00
Prepaid interest, second (6 days)$303.21
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$46,517Through Dec 2026
Assumption only · ends Mar 2051$100,784
Assumption + second · ends Mar 2051, second Jan 2057$476,606
New conventional · ends Jan 2057$756,226