Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $302,262
- Funds due
- $315,736
- Interest + MI left
- $121,905
- First ends
- Sep 2051
Assumption
Assumption + second
$3,482/mo
+$1,734/mo- Down payment
- $60,262
- Funds due
- $75,038
- Interest + MI left
- $504,043
- First ends
- Sep 2051
New loan
New conventional
$4,166/mo
+$2,418/mo- Down payment
- $60,262
- Funds due
- $70,962
- Interest + MI left
- $810,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,738 | $292,738 | $534,738 |
| Second mortgage | — | $242,000 | — |
| First P&I | $1,391.42 | $1,391.42 | $3,702.42 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | — | — | $106.95 |
| Taxes, insurance & HOA | $356.42 | $356.42 | $356.42 |
| Total housing payment | $1,747.84 | $3,481.55 | $4,165.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,262
Closing costs & prepaids$14,776
Usable credit−$0
Total buyer cash needed$75,038
Earnest money paid−$0
Remaining funds due$75,038
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,463.69
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)$569.25
Prepaid interest, first (1 days)$23.90
Prepaid interest, second (1 days)$51.38
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$48,130Through Nov 2026
Assumption only · ends Sep 2051$121,905
Assumption + second · ends Sep 2051, second Dec 2056$504,043
New conventional · ends Dec 2056$810,859