Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
Lowest payment- Down payment
- $329,660
- Funds due
- $346,539
- Interest + MI left
- $149,958
- First ends
- Mar 2051
Assumption
Assumption + second
$4,290/mo
+$1,820/mo- Down payment
- $75,660
- Funds due
- $94,113
- Interest + MI left
- $551,045
- First ends
- Mar 2051
New loan
New conventional
$5,209/mo
+$2,738/mo- Down payment
- $75,660
- Funds due
- $89,506
- Interest + MI left
- $983,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,840 | $418,840 | $672,840 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,954.63 | $1,954.63 | $4,558.05 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | — | — | $134.57 |
| Taxes, insurance & HOA | $516.08 | $516.08 | $516.08 |
| Total housing payment | $2,470.71 | $4,290.40 | $5,208.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,660
Closing costs & prepaids$18,452
Usable credit−$0
Total buyer cash needed$94,113
Earnest money paid−$0
Remaining funds due$94,113
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,485.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,094.20
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$898.25
Prepaid interest, first (6 days)$183.14
Prepaid interest, second (6 days)$323.59
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$69,278Through Dec 2026
Assumption only · ends Mar 2051$149,958
Assumption + second · ends Mar 2051, second Jan 2057$551,045
New conventional · ends Jan 2057$983,803