Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,377/mo
Lowest payment- Down payment
- $199,307
- Funds due
- $210,490
- Interest + MI left
- $86,550
- First ends
- Feb 2051
Assumption
Assumption + second
$2,529/mo
+$1,152/mo- Down payment
- $42,307
- Funds due
- $55,050
- Interest + MI left
- $344,274
- First ends
- Feb 2051
New loan
New conventional
$2,952/mo
+$1,575/mo- Down payment
- $42,307
- Funds due
- $51,682
- Interest + MI left
- $552,250
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,693 | $220,693 | $377,693 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,059.46 | $1,059.46 | $2,558.62 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $75.54 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,377.46 | $2,529.47 | $2,952.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,307
Closing costs & prepaids$12,743
Usable credit−$0
Total buyer cash needed$55,050
Earnest money paid−$0
Remaining funds due$55,050
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.46
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Prepaid interest, first (9 days)$157.81
Prepaid interest, second (9 days)$309.70
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 2.9%
Interest already paid$40,318Through Dec 2026
Assumption only · ends Feb 2051$86,550
Assumption + second · ends Feb 2051, second Jan 2057$344,274
New conventional · ends Jan 2057$552,250