Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $202,940
- Funds due
- $215,850
- Interest + MI left
- $93,438
- First ends
- Apr 2051
Assumption
Assumption + second
$2,869/mo
+$1,108/mo- Down payment
- $51,940
- Funds due
- $66,298
- Interest + MI left
- $341,313
- First ends
- Apr 2051
New loan
New conventional
$3,602/mo
+$1,840/mo- Down payment
- $51,940
- Funds due
- $62,409
- Interest + MI left
- $676,924
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,960 | $311,960 | $462,960 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,388.35 | $1,388.35 | $3,136.25 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $92.59 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,761.02 | $2,869.00 | $3,601.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,940
Closing costs & prepaids$14,359
Usable credit−$0
Total buyer cash needed$66,298
Earnest money paid−$0
Remaining funds due$66,298
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,559.80
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)$618.00
Prepaid interest, first (6 days)$115.38
Prepaid interest, second (6 days)$198.58
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 4 moOf the original 30-year loan at 2.25%
Interest already paid$43,159Through Dec 2026
Assumption only · ends Apr 2051$93,438
Assumption + second · ends Apr 2051, second Jan 2057$341,313
New conventional · ends Jan 2057$676,924