Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,259/mo
Lowest payment- Down payment
- $317,903
- Funds due
- $329,986
- Interest + MI left
- $83,640
- First ends
- Aug 2051
Assumption
Assumption + second
$3,157/mo
+$1,898/mo- Down payment
- $52,903
- Funds due
- $66,292
- Interest + MI left
- $502,097
- First ends
- Aug 2051
New loan
New conventional
$3,622/mo
+$2,364/mo- Down payment
- $52,903
- Funds due
- $62,734
- Interest + MI left
- $707,532
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,597 | $201,597 | $466,597 |
| Second mortgage | — | $265,000 | — |
| First P&I | $960.39 | $960.39 | $3,230.62 |
| Second P&I | — | $1,898.49 | — |
| Mortgage insurance | — | — | $93.32 |
| Taxes, insurance & HOA | $298.50 | $298.50 | $298.50 |
| Total housing payment | $1,258.89 | $3,157.39 | $3,622.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,903
Closing costs & prepaids$13,389
Usable credit−$0
Total buyer cash needed$66,292
Earnest money paid−$0
Remaining funds due$66,292
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,007.98
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)$395.50
Prepaid interest, first (1 days)$16.46
Prepaid interest, second (1 days)$56.27
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 2.980%
Interest already paid$33,723Through Nov 2026
Assumption only · ends Aug 2051$83,640
Assumption + second · ends Aug 2051, second Dec 2056$502,097
New conventional · ends Dec 2056$707,532