Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $258,693
- Funds due
- $270,750
- Interest + MI left
- $103,070
- First ends
- Jun 2051
Assumption
Assumption + second
$2,945/mo
+$1,490/mo- Down payment
- $50,693
- Funds due
- $64,044
- Interest + MI left
- $431,519
- First ends
- Jun 2051
New loan
New conventional
$3,488/mo
+$2,033/mo- Down payment
- $50,693
- Funds due
- $60,314
- Interest + MI left
- $681,314
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,307 | $241,307 | $449,307 |
| Second mortgage | — | $208,000 | — |
| First P&I | $1,167.38 | $1,167.38 | $3,110.91 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $89.86 |
| Taxes, insurance & HOA | $287.42 | $287.42 | $287.42 |
| Total housing payment | $1,454.80 | $2,944.93 | $3,488.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,693
Closing costs & prepaids$13,351
Usable credit−$0
Total buyer cash needed$64,044
Earnest money paid−$0
Remaining funds due$64,044
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,206.53
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)$362.25
Prepaid interest, first (1 days)$20.36
Prepaid interest, second (1 days)$44.16
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$43,110Through Nov 2026
Assumption only · ends Jun 2051$103,070
Assumption + second · ends Jun 2051, second Dec 2056$431,519
New conventional · ends Dec 2056$681,314