Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,624/mo
Lowest payment- Down payment
- $329,481
- Funds due
- $342,890
- Interest + MI left
- $105,410
- First ends
- Apr 2051
Assumption
Assumption + second
$3,544/mo
+$1,920/mo- Down payment
- $61,481
- Funds due
- $76,197
- Interest + MI left
- $528,605
- First ends
- Apr 2051
New loan
New conventional
$4,211/mo
+$2,587/mo- Down payment
- $61,481
- Funds due
- $72,174
- Interest + MI left
- $830,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,519 | $279,519 | $547,519 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,313.75 | $1,313.75 | $3,790.91 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $109.50 |
| Taxes, insurance & HOA | $310.50 | $310.50 | $310.50 |
| Total housing payment | $1,624.25 | $3,544.24 | $4,210.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,481
Closing costs & prepaids$14,715
Usable credit−$0
Total buyer cash needed$76,197
Earnest money paid−$0
Remaining funds due$76,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,397.59
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)$431.50
Prepaid interest, first (1 days)$21.21
Prepaid interest, second (1 days)$56.90
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$46,566Through Nov 2026
Assumption only · ends Apr 2051$105,410
Assumption + second · ends Apr 2051, second Dec 2056$528,605
New conventional · ends Dec 2056$830,349