Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,161/mo
Lowest payment- Down payment
- $235,358
- Funds due
- $249,406
- Interest + MI left
- $134,329
- First ends
- Jun 2051
Assumption
Assumption + second
$3,482/mo
+$1,321/mo- Down payment
- $55,358
- Funds due
- $70,814
- Interest + MI left
- $429,809
- First ends
- Jun 2051
New loan
New conventional
$4,060/mo
+$1,899/mo- Down payment
- $55,358
- Funds due
- $66,766
- Interest + MI left
- $714,585
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,542 | $314,542 | $494,542 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,526.77 | $1,526.77 | $3,326.82 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $98.91 |
| Taxes, insurance & HOA | $634.08 | $634.08 | $634.08 |
| Total housing payment | $2,160.86 | $3,481.63 | $4,059.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,358
Closing costs & prepaids$15,456
Usable credit−$0
Total buyer cash needed$70,814
Earnest money paid−$0
Remaining funds due$70,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,572.71
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)$1,402.25
Prepaid interest, first (4 days)$106.51
Prepaid interest, second (4 days)$157.81
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$57,310Through Dec 2026
Assumption only · ends Jun 2051$134,329
Assumption + second · ends Jun 2051, second Jan 2057$429,809
New conventional · ends Jan 2057$714,585