Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,309/mo
Lowest payment- Down payment
- $258,247
- Funds due
- $273,315
- Interest + MI left
- $121,146
- First ends
- Jul 2051
Assumption
Assumption + second
$3,748/mo
+$1,438/mo- Down payment
- $62,247
- Funds due
- $78,737
- Interest + MI left
- $442,890
- First ends
- Jul 2051
New loan
New conventional
$4,518/mo
+$2,209/mo- Down payment
- $62,247
- Funds due
- $74,448
- Interest + MI left
- $798,697
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,753 | $356,753 | $552,753 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,620.00 | $1,620.00 | $3,718.40 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $110.55 |
| Taxes, insurance & HOA | $689.42 | $689.42 | $689.42 |
| Total housing payment | $2,309.41 | $3,747.59 | $4,518.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,247
Closing costs & prepaids$16,490
Usable credit−$0
Total buyer cash needed$78,737
Earnest money paid−$0
Remaining funds due$78,737
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,783.76
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)$1,568.25
Prepaid interest, first (4 days)$97.74
Prepaid interest, second (4 days)$171.84
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 7 moOf the original 30-year loan at 2.5%
Interest already paid$52,052Through Dec 2026
Assumption only · ends Jul 2051$121,146
Assumption + second · ends Jul 2051, second Jan 2057$442,890
New conventional · ends Jan 2057$798,697