Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,797/mo
Lowest payment- Down payment
- $201,798
- Funds due
- $214,521
- Interest + MI left
- $115,179
- First ends
- Jan 2051
Assumption
Assumption + second
$2,905/mo
+$1,108/mo- Down payment
- $50,798
- Funds due
- $65,003
- Interest + MI left
- $363,053
- First ends
- Jan 2051
New loan
New conventional
$3,500/mo
+$1,703/mo- Down payment
- $50,798
- Funds due
- $61,184
- Interest + MI left
- $656,718
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,202 | $298,202 | $449,202 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,430.38 | $1,430.38 | $3,043.05 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $89.84 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,797.05 | $2,905.03 | $3,499.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,798
Closing costs & prepaids$14,205
Usable credit−$0
Total buyer cash needed$65,003
Earnest money paid−$0
Remaining funds due$65,003
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,491.01
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)$600.00
Prepaid interest, first (7 days)$164.13
Prepaid interest, second (7 days)$231.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 1 moOf the original 30-year loan at 2.87%
Interest already paid$54,777Through Dec 2026
Assumption only · ends Jan 2051$115,179
Assumption + second · ends Jan 2051, second Jan 2057$363,053
New conventional · ends Jan 2057$656,718