Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $256,484
- Funds due
- $269,365
- Interest + MI left
- $116,719
- First ends
- Nov 2051
Assumption
Assumption + second
$3,107/mo
+$1,440/mo- Down payment
- $55,484
- Funds due
- $69,700
- Interest + MI left
- $434,115
- First ends
- Nov 2051
New loan
New conventional
$3,822/mo
+$2,155/mo- Down payment
- $55,484
- Funds due
- $65,705
- Interest + MI left
- $749,815
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,416 | $293,416 | $494,416 |
| Second mortgage | — | $201,000 | — |
| First P&I | $1,367.12 | $1,367.12 | $3,423.24 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $98.88 |
| Taxes, insurance & HOA | $300.33 | $300.33 | $300.33 |
| Total housing payment | $1,667.45 | $3,107.44 | $3,822.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,484
Closing costs & prepaids$14,216
Usable credit−$0
Total buyer cash needed$69,700
Earnest money paid−$0
Remaining funds due$69,700
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,467.08
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)$401.00
Prepaid interest, first (2 days)$45.66
Prepaid interest, second (2 days)$85.36
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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$44,441Through Nov 2026
Assumption only · ends Nov 2051$116,719
Assumption + second · ends Nov 2051, second Dec 2056$434,115
New conventional · ends Dec 2056$749,815