Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,489/mo
Lowest payment- Down payment
- $235,019
- Funds due
- $247,116
- Interest + MI left
- $90,839
- First ends
- Apr 2051
Assumption
Assumption + second
$2,861/mo
+$1,372/mo- Down payment
- $48,019
- Funds due
- $61,612
- Interest + MI left
- $397,810
- First ends
- Apr 2051
New loan
New conventional
$3,334/mo
+$1,845/mo- Down payment
- $48,019
- Funds due
- $58,037
- Interest + MI left
- $624,171
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,881 | $239,881 | $426,881 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,132.60 | $1,132.60 | $2,891.84 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $85.38 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,489.27 | $2,861.41 | $3,333.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,019
Closing costs & prepaids$13,592
Usable credit−$0
Total buyer cash needed$61,612
Earnest money paid−$0
Remaining funds due$61,612
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,199.40
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)$570.00
Prepaid interest, first (6 days)$110.02
Prepaid interest, second (6 days)$245.92
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 2.79%
Interest already paid$40,897Through Dec 2026
Assumption only · ends Apr 2051$90,839
Assumption + second · ends Apr 2051, second Jan 2057$397,810
New conventional · ends Jan 2057$624,171