Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $282,180
- Funds due
- $298,957
- Interest + MI left
- $189,112
- First ends
- Jun 2051
Assumption
Assumption + second
$4,153/mo
+$1,497/mo- Down payment
- $73,180
- Funds due
- $91,474
- Interest + MI left
- $519,140
- First ends
- Jun 2051
New loan
New conventional
$5,053/mo
+$2,397/mo- Down payment
- $73,180
- Funds due
- $86,763
- Interest + MI left
- $953,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,820 | $442,820 | $651,820 |
| Second mortgage | — | $209,000 | — |
| First P&I | $2,149.43 | $2,149.43 | $4,415.66 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $130.36 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,656.09 | $4,153.39 | $5,052.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,180
Closing costs & prepaids$18,293
Usable credit−$0
Total buyer cash needed$91,474
Earnest money paid−$0
Remaining funds due$91,474
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,214.10
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)$870.00
Prepaid interest, first (6 days)$224.93
Prepaid interest, second (6 days)$266.26
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$80,682Through Dec 2026
Assumption only · ends Jun 2051$189,112
Assumption + second · ends Jun 2051, second Jan 2057$519,140
New conventional · ends Jan 2057$953,069