Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,723/mo
Lowest payment- Down payment
- $185,028
- Funds due
- $197,248
- Interest + MI left
- $122,961
- First ends
- Jun 2051
Assumption
Assumption + second
$2,735/mo
+$1,013/mo- Down payment
- $47,028
- Funds due
- $60,679
- Interest + MI left
- $349,496
- First ends
- Jun 2051
New loan
New conventional
$3,267/mo
+$1,544/mo- Down payment
- $47,028
- Funds due
- $56,933
- Interest + MI left
- $610,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,872 | $279,872 | $417,872 |
| Second mortgage | — | $138,000 | — |
| First P&I | $1,370.18 | $1,370.18 | $2,830.81 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $83.57 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $1,722.85 | $2,735.44 | $3,267.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,028
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$60,679
Earnest money paid−$0
Remaining funds due$60,679
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,649.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,399.36
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)$558.00
Prepaid interest, first (6 days)$145.84
Prepaid interest, second (6 days)$181.48
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 6 moOf the original 30-year loan at 3.17%
Interest already paid$52,269Through Dec 2026
Assumption only · ends Jun 2051$122,961
Assumption + second · ends Jun 2051, second Jan 2057$349,496
New conventional · ends Jan 2057$610,998