Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $319,479
- Funds due
- $332,191
- Interest + MI left
- $67,785
- First ends
- Apr 2051
Assumption
Assumption + second
$3,369/mo
+$1,927/mo- Down payment
- $50,479
- Funds due
- $64,727
- Interest + MI left
- $492,559
- First ends
- Apr 2051
New loan
New conventional
$3,726/mo
+$2,284/mo- Down payment
- $50,479
- Funds due
- $61,365
- Interest + MI left
- $657,128
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,421 | $180,421 | $449,421 |
| Second mortgage | — | $269,000 | — |
| First P&I | $850.02 | $850.02 | $3,044.53 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $89.88 |
| Taxes, insurance & HOA | $591.58 | $591.58 | $591.58 |
| Total housing payment | $1,441.60 | $3,368.75 | $3,726.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,479
Closing costs & prepaids$14,248
Usable credit−$0
Total buyer cash needed$64,727
Earnest money paid−$0
Remaining funds due$64,727
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$902.11
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)$1,274.75
Prepaid interest, first (5 days)$68.46
Prepaid interest, second (5 days)$285.58
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$30,546Through Dec 2026
Assumption only · ends Apr 2051$67,785
Assumption + second · ends Apr 2051, second Jan 2057$492,559
New conventional · ends Jan 2057$657,128