Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,534/mo
Lowest payment- Down payment
- $259,241
- Funds due
- $271,696
- Interest + MI left
- $102,450
- First ends
- Jun 2051
Assumption
Assumption + second
$3,031/mo
+$1,497/mo- Down payment
- $50,241
- Funds due
- $64,345
- Interest + MI left
- $432,479
- First ends
- Jun 2051
New loan
New conventional
$3,503/mo
+$1,969/mo- Down payment
- $50,241
- Funds due
- $60,810
- Interest + MI left
- $657,622
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,759 | $240,759 | $449,759 |
| Second mortgage | — | $209,000 | — |
| First P&I | $1,167.38 | $1,167.38 | $3,046.82 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $89.95 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,534.05 | $3,031.35 | $3,503.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,241
Closing costs & prepaids$14,104
Usable credit−$0
Total buyer cash needed$64,345
Earnest money paid−$0
Remaining funds due$64,345
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,203.79
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)$600.00
Prepaid interest, first (9 days)$182.84
Prepaid interest, second (9 days)$399.39
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$43,729Through Dec 2026
Assumption only · ends Jun 2051$102,450
Assumption + second · ends Jun 2051, second Jan 2057$432,479
New conventional · ends Jan 2057$657,622