Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $207,462
- Funds due
- $219,663
- Interest + MI left
- $109,275
- First ends
- Oct 2051
Assumption
Assumption + second
$2,793/mo
+$1,167/mo- Down payment
- $48,462
- Funds due
- $61,948
- Interest + MI left
- $370,282
- First ends
- Oct 2051
New loan
New conventional
$3,424/mo
+$1,797/mo- Down payment
- $48,462
- Funds due
- $58,088
- Interest + MI left
- $654,455
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,537 | $272,537 | $431,537 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,276.96 | $1,276.96 | $2,987.88 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $349.50 | $349.50 | $349.50 |
| Total housing payment | $1,626.46 | $2,793.15 | $3,423.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,462
Closing costs & prepaids$13,485
Usable credit−$0
Total buyer cash needed$61,948
Earnest money paid−$0
Remaining funds due$61,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,362.68
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)$548.50
Prepaid interest, first (1 days)$21.43
Prepaid interest, second (1 days)$34.85
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$42,451Through Nov 2026
Assumption only · ends Oct 2051$109,275
Assumption + second · ends Oct 2051, second Dec 2056$370,282
New conventional · ends Dec 2056$654,455