Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $302,268
- Funds due
- $315,230
- Interest + MI left
- $94,789
- First ends
- Oct 2051
Assumption
Assumption + second
$3,302/mo
+$1,770/mo- Down payment
- $55,268
- Funds due
- $69,795
- Interest + MI left
- $484,822
- First ends
- Oct 2051
New loan
New conventional
$3,830/mo
+$2,297/mo- Down payment
- $55,268
- Funds due
- $66,122
- Interest + MI left
- $721,918
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,732 | $246,732 | $493,732 |
| Second mortgage | — | $247,000 | — |
| First P&I | $1,146.04 | $1,146.04 | $3,344.71 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | — | — | $98.75 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $1,532.29 | $3,301.83 | $3,829.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,268
Closing costs & prepaids$14,527
Usable credit−$0
Total buyer cash needed$69,795
Earnest money paid−$0
Remaining funds due$69,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,233.66
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)$658.75
Prepaid interest, first (6 days)$112.35
Prepaid interest, second (6 days)$314.67
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$37,787Through Dec 2026
Assumption only · ends Oct 2051$94,789
Assumption + second · ends Oct 2051, second Jan 2057$484,822
New conventional · ends Jan 2057$721,918