Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
Lowest payment- Down payment
- $199,217
- Funds due
- $213,060
- Interest + MI left
- $157,946
- First ends
- Jun 2051
Assumption
Assumption + second
$3,266/mo
+$1,042/mo- Down payment
- $57,217
- Funds due
- $72,341
- Interest + MI left
- $391,046
- First ends
- Jun 2051
New loan
New conventional
$4,081/mo
+$1,857/mo- Down payment
- $57,217
- Funds due
- $67,918
- Interest + MI left
- $776,153
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,783 | $369,783 | $511,783 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,788.91 | $1,788.91 | $3,543.48 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | — | — | $102.36 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $2,223.66 | $3,265.61 | $4,080.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,217
Closing costs & prepaids$15,123
Usable credit−$0
Total buyer cash needed$72,341
Earnest money paid−$0
Remaining funds due$72,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,848.91
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)$804.25
Prepaid interest, first (1 days)$31.20
Prepaid interest, second (1 days)$31.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.080%
Interest already paid$66,062Through Nov 2026
Assumption only · ends Jun 2051$157,946
Assumption + second · ends Jun 2051, second Dec 2056$391,046
New conventional · ends Dec 2056$776,153