Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,581/mo
Lowest payment- Down payment
- $313,684
- Funds due
- $330,027
- Interest + MI left
- $144,222
- First ends
- Mar 2051
Assumption
Assumption + second
$4,321/mo
+$1,741/mo- Down payment
- $70,684
- Funds due
- $88,586
- Interest + MI left
- $527,939
- First ends
- Mar 2051
New loan
New conventional
$5,143/mo
+$2,562/mo- Down payment
- $70,684
- Funds due
- $84,166
- Interest + MI left
- $918,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,316 | $385,316 | $628,316 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,819.72 | $1,819.72 | $4,256.43 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | — | — | $125.66 |
| Taxes, insurance & HOA | $760.83 | $760.83 | $760.83 |
| Total housing payment | $2,580.55 | $4,321.43 | $5,142.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,684
Closing costs & prepaids$17,902
Usable credit−$0
Total buyer cash needed$88,586
Earnest money paid−$0
Remaining funds due$88,586
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,926.58
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)$1,782.50
Prepaid interest, first (6 days)$175.45
Prepaid interest, second (6 days)$309.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.77%
Interest already paid$66,285Through Dec 2026
Assumption only · ends Mar 2051$144,222
Assumption + second · ends Mar 2051, second Jan 2057$527,939
New conventional · ends Jan 2057$918,702