Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $248,754
- Funds due
- $261,122
- Interest + MI left
- $111,283
- First ends
- Aug 2051
Assumption
Assumption + second
$3,016/mo
+$1,446/mo- Down payment
- $51,754
- Funds due
- $65,415
- Interest + MI left
- $434,668
- First ends
- Aug 2051
New loan
New conventional
$3,599/mo
+$2,029/mo- Down payment
- $51,754
- Funds due
- $61,552
- Interest + MI left
- $702,544
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,246 | $266,246 | $463,246 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,271.14 | $1,271.14 | $3,207.42 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $92.65 |
| Taxes, insurance & HOA | $298.92 | $298.92 | $298.92 |
| Total housing payment | $1,570.06 | $3,015.57 | $3,598.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,754
Closing costs & prepaids$13,661
Usable credit−$0
Total buyer cash needed$65,415
Earnest money paid−$0
Remaining funds due$65,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,331.23
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)$396.75
Prepaid interest, first (1 days)$21.88
Prepaid interest, second (1 days)$43.18
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 9 moOf the original 30-year loan at 3.000%
Interest already paid$44,827Through Nov 2026
Assumption only · ends Aug 2051$111,283
Assumption + second · ends Aug 2051, second Dec 2056$434,668
New conventional · ends Dec 2056$702,544