Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
Lowest payment- Down payment
- $206,817
- Funds due
- $221,398
- Interest + MI left
- $164,209
- First ends
- Jul 2051
Assumption
Assumption + second
$3,528/mo
+$1,093/mo- Down payment
- $57,817
- Funds due
- $73,811
- Interest + MI left
- $408,801
- First ends
- Jul 2051
New loan
New conventional
$4,215/mo
+$1,781/mo- Down payment
- $57,817
- Funds due
- $69,558
- Interest + MI left
- $747,317
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,173 | $362,173 | $511,173 |
| Second mortgage | — | $149,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,462.86 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $102.23 |
| Taxes, insurance & HOA | $650.33 | $650.33 | $650.33 |
| Total housing payment | $2,434.68 | $3,527.99 | $4,215.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,817
Closing costs & prepaids$15,994
Usable credit−$0
Total buyer cash needed$73,811
Earnest money paid−$0
Remaining funds due$73,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,689.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,810.86
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)$1,451.00
Prepaid interest, first (5 days)$161.24
Prepaid interest, second (5 days)$163.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 30-year loan at 3.25%
Interest already paid$68,155Through Dec 2026
Assumption only · ends Jul 2051$164,209
Assumption + second · ends Jul 2051, second Jan 2057$408,801
New conventional · ends Jan 2057$747,317