Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,218/mo
Lowest payment- Down payment
- $216,853
- Funds due
- $231,058
- Interest + MI left
- $147,046
- First ends
- May 2051
Assumption
Assumption + second
$3,355/mo
+$1,137/mo- Down payment
- $61,853
- Funds due
- $77,342
- Interest + MI left
- $401,487
- First ends
- May 2051
New loan
New conventional
$4,286/mo
+$2,067/mo- Down payment
- $61,853
- Funds due
- $72,763
- Interest + MI left
- $831,192
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,147 | $393,147 | $548,147 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,837.39 | $1,837.39 | $3,795.26 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $109.63 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $2,218.06 | $3,355.40 | $4,285.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,853
Closing costs & prepaids$15,489
Usable credit−$0
Total buyer cash needed$77,342
Earnest money paid−$0
Remaining funds due$77,342
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,965.74
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)$642.00
Prepaid interest, first (1 days)$29.51
Prepaid interest, second (1 days)$33.97
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 6 moOf the original 30-year loan at 2.740%
Interest already paid$63,755Through Nov 2026
Assumption only · ends May 2051$147,046
Assumption + second · ends May 2051, second Dec 2056$401,487
New conventional · ends Dec 2056$831,192