Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,877/mo
Lowest payment- Down payment
- $366,731
- Funds due
- $381,502
- Interest + MI left
- $109,504
- First ends
- Feb 2051
Assumption
Assumption + second
$4,019/mo
+$2,142/mo- Down payment
- $67,731
- Funds due
- $84,323
- Interest + MI left
- $581,650
- First ends
- Feb 2051
New loan
New conventional
$4,672/mo
+$2,795/mo- Down payment
- $67,731
- Funds due
- $80,364
- Interest + MI left
- $887,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,269 | $308,269 | $607,269 |
| Second mortgage | — | $299,000 | — |
| First P&I | $1,440.60 | $1,440.60 | $4,113.85 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | — | — | $121.45 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $1,877.26 | $4,019.33 | $4,671.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,731
Closing costs & prepaids$16,592
Usable credit−$0
Total buyer cash needed$84,323
Earnest money paid−$0
Remaining funds due$84,323
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,541.34
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)$810.00
Prepaid interest, first (9 days)$201.43
Prepaid interest, second (9 days)$571.38
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 2 moOf the original 30-year loan at 2.65%
Interest already paid$51,611Through Dec 2026
Assumption only · ends Feb 2051$109,504
Assumption + second · ends Feb 2051, second Jan 2057$581,650
New conventional · ends Jan 2057$887,928