Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
Lowest payment- Down payment
- $299,999
- Funds due
- $314,170
- Interest + MI left
- $136,345
- First ends
- Jan 2051
Assumption
Assumption + second
$3,683/mo
+$1,691/mo- Down payment
- $63,999
- Funds due
- $79,520
- Interest + MI left
- $509,009
- First ends
- Jan 2051
New loan
New conventional
$4,452/mo
+$2,460/mo- Down payment
- $63,999
- Funds due
- $75,215
- Interest + MI left
- $873,393
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,901 | $339,901 | $575,901 |
| Second mortgage | — | $236,000 | — |
| First P&I | $1,642.23 | $1,642.23 | $3,987.42 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $115.18 |
| Taxes, insurance & HOA | $349.58 | $349.58 | $349.58 |
| Total housing payment | $1,991.81 | $3,682.54 | $4,452.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,999
Closing costs & prepaids$15,521
Usable credit−$0
Total buyer cash needed$79,520
Earnest money paid−$0
Remaining funds due$79,520
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,699.50
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)$548.75
Prepaid interest, first (2 days)$55.13
Prepaid interest, second (2 days)$100.22
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 2 moOf the original 30-year loan at 2.960%
Interest already paid$63,338Through Nov 2026
Assumption only · ends Jan 2051$136,345
Assumption + second · ends Jan 2051, second Dec 2056$509,009
New conventional · ends Dec 2056$873,393