Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,201/mo
Lowest payment- Down payment
- $270,762
- Funds due
- $285,586
- Interest + MI left
- $153,205
- First ends
- Dec 2051
Assumption
Assumption + second
$3,670/mo
+$1,469/mo- Down payment
- $65,762
- Funds due
- $82,097
- Interest + MI left
- $476,917
- First ends
- Dec 2051
New loan
New conventional
$4,501/mo
+$2,300/mo- Down payment
- $65,762
- Funds due
- $77,749
- Interest + MI left
- $854,253
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,238 | $379,238 | $584,238 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,774.81 | $1,774.81 | $3,957.83 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $116.85 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,201.47 | $3,670.12 | $4,501.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,762
Closing costs & prepaids$16,335
Usable credit−$0
Total buyer cash needed$82,097
Earnest money paid−$0
Remaining funds due$82,097
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,896.19
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)$780.00
Prepaid interest, first (6 days)$179.54
Prepaid interest, second (6 days)$261.16
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 closing25 yrOf the original 30-year loan at 2.88%
Interest already paid$58,226Through Dec 2026
Assumption only · ends Dec 2051$153,205
Assumption + second · ends Dec 2051, second Jan 2057$476,917
New conventional · ends Jan 2057$854,253