Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,151/mo
Lowest payment- Down payment
- $311,316
- Funds due
- $326,410
- Interest + MI left
- $141,601
- First ends
- Oct 2051
Assumption
Assumption + second
$3,892/mo
+$1,741/mo- Down payment
- $68,316
- Funds due
- $84,969
- Interest + MI left
- $525,318
- First ends
- Oct 2051
New loan
New conventional
$4,704/mo
+$2,553/mo- Down payment
- $68,316
- Funds due
- $80,645
- Interest + MI left
- $894,237
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,584 | $368,584 | $611,584 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,712.03 | $1,712.03 | $4,143.08 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $122.32 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $2,150.70 | $3,891.58 | $4,704.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,316
Closing costs & prepaids$16,653
Usable credit−$0
Total buyer cash needed$84,969
Earnest money paid−$0
Remaining funds due$84,969
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,842.92
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)$816.00
Prepaid interest, first (6 days)$167.83
Prepaid interest, second (6 days)$309.58
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 10 moOf the original 30-year loan at 2.77%
Interest already paid$56,449Through Dec 2026
Assumption only · ends Oct 2051$141,601
Assumption + second · ends Oct 2051, second Jan 2057$525,318
New conventional · ends Jan 2057$894,237