Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,183/mo
Lowest payment- Down payment
- $200,057
- Funds due
- $214,023
- Interest + MI left
- $156,997
- First ends
- Jun 2051
Assumption
Assumption + second
$3,232/mo
+$1,049/mo- Down payment
- $57,057
- Funds due
- $72,555
- Interest + MI left
- $391,739
- First ends
- Jun 2051
New loan
New conventional
$3,965/mo
+$1,782/mo- Down payment
- $57,057
- Funds due
- $68,441
- Interest + MI left
- $748,545
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,943 | $368,943 | $511,943 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,788.91 | $1,788.91 | $3,468.08 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $102.39 |
| Taxes, insurance & HOA | $394.25 | $394.25 | $394.25 |
| Total housing payment | $2,183.16 | $3,232.44 | $3,964.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,057
Closing costs & prepaids$15,498
Usable credit−$0
Total buyer cash needed$72,555
Earnest money paid−$0
Remaining funds due$72,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,844.71
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)$682.75
Prepaid interest, first (9 days)$280.19
Prepaid interest, second (9 days)$282.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.08%
Interest already paid$67,011Through Dec 2026
Assumption only · ends Jun 2051$156,997
Assumption + second · ends Jun 2051, second Jan 2057$391,739
New conventional · ends Jan 2057$748,545