Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $228,927
- Funds due
- $240,034
- Interest + MI left
- $88,952
- First ends
- Feb 2051
Assumption
Assumption + second
$2,662/mo
+$1,350/mo- Down payment
- $44,927
- Funds due
- $57,324
- Interest + MI left
- $390,998
- First ends
- Feb 2051
New loan
New conventional
$3,113/mo
+$1,802/mo- Down payment
- $44,927
- Funds due
- $53,774
- Interest + MI left
- $606,738
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,073 | $216,073 | $400,073 |
| Second mortgage | — | $184,000 | — |
| First P&I | $1,048.20 | $1,048.20 | $2,770.02 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $80.01 |
| Taxes, insurance & HOA | $263.42 | $263.42 | $263.42 |
| Total housing payment | $1,311.61 | $2,661.74 | $3,113.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,927
Closing costs & prepaids$12,397
Usable credit−$0
Total buyer cash needed$57,324
Earnest money paid−$0
Remaining funds due$57,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.36
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$340.25
Prepaid interest, first (1 days)$17.88
Prepaid interest, second (1 days)$40.33
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 3 moOf the original 30-year loan at 3.020%
Interest already paid$40,412Through Nov 2026
Assumption only · ends Feb 2051$88,952
Assumption + second · ends Feb 2051, second Dec 2056$390,998
New conventional · ends Dec 2056$606,738