Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $365,973
- Funds due
- $380,133
- Interest + MI left
- $110,186
- First ends
- Feb 2051
Assumption
Assumption + second
$3,859/mo
+$2,135/mo- Down payment
- $67,973
- Funds due
- $83,509
- Interest + MI left
- $580,753
- First ends
- Feb 2051
New loan
New conventional
$4,608/mo
+$2,884/mo- Down payment
- $67,973
- Funds due
- $79,316
- Interest + MI left
- $920,597
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,027 | $309,027 | $607,027 |
| Second mortgage | — | $298,000 | — |
| First P&I | $1,440.60 | $1,440.60 | $4,202.93 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $121.41 |
| Taxes, insurance & HOA | $283.92 | $283.92 | $283.92 |
| Total housing payment | $1,724.51 | $3,859.42 | $4,608.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,973
Closing costs & prepaids$15,536
Usable credit−$0
Total buyer cash needed$83,509
Earnest money paid−$0
Remaining funds due$83,509
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,545.14
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)$351.75
Prepaid interest, first (2 days)$44.87
Prepaid interest, second (2 days)$126.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.650%
Interest already paid$50,928Through Nov 2026
Assumption only · ends Feb 2051$110,186
Assumption + second · ends Feb 2051, second Dec 2056$580,753
New conventional · ends Dec 2056$920,597