Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $237,348
- Funds due
- $250,151
- Interest + MI left
- $117,854
- First ends
- Sep 2051
Assumption
Assumption + second
$3,071/mo
+$1,350/mo- Down payment
- $53,348
- Funds due
- $67,481
- Interest + MI left
- $419,900
- First ends
- Sep 2051
New loan
New conventional
$3,735/mo
+$2,014/mo- Down payment
- $53,348
- Funds due
- $63,513
- Interest + MI left
- $721,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,652 | $291,652 | $475,652 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,374.18 | $1,374.18 | $3,293.32 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $95.13 |
| Taxes, insurance & HOA | $346.83 | $346.83 | $346.83 |
| Total housing payment | $1,721.02 | $3,071.14 | $3,735.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,348
Closing costs & prepaids$14,134
Usable credit−$0
Total buyer cash needed$67,481
Earnest money paid−$0
Remaining funds due$67,481
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,458.26
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)$540.50
Prepaid interest, first (2 days)$46.34
Prepaid interest, second (2 days)$80.66
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$46,702Through Nov 2026
Assumption only · ends Sep 2051$117,854
Assumption + second · ends Sep 2051, second Dec 2056$419,900
New conventional · ends Dec 2056$721,358