Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,803/mo
Lowest payment- Down payment
- $233,426
- Funds due
- $246,410
- Interest + MI left
- $106,845
- First ends
- Oct 2051
Assumption
Assumption + second
$3,153/mo
+$1,350/mo- Down payment
- $49,426
- Funds due
- $63,822
- Interest + MI left
- $408,890
- First ends
- Oct 2051
New loan
New conventional
$3,635/mo
+$1,832/mo- Down payment
- $49,426
- Funds due
- $60,100
- Interest + MI left
- $636,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,574 | $256,574 | $440,574 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,219.53 | $1,219.53 | $2,963.77 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $88.11 |
| Taxes, insurance & HOA | $583.17 | $583.17 | $583.17 |
| Total housing payment | $1,802.69 | $3,152.82 | $3,635.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,426
Closing costs & prepaids$14,395
Usable credit−$0
Total buyer cash needed$63,822
Earnest money paid−$0
Remaining funds due$63,822
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,282.87
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)$1,249.50
Prepaid interest, first (4 days)$83.79
Prepaid interest, second (4 days)$161.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2.98%
Interest already paid$42,184Through Dec 2026
Assumption only · ends Oct 2051$106,845
Assumption + second · ends Oct 2051, second Jan 2057$408,890
New conventional · ends Jan 2057$636,604