Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $234,204
- Funds due
- $246,860
- Interest + MI left
- $97,353
- First ends
- Mar 2051
Assumption
Assumption + second
$2,977/mo
+$1,343/mo- Down payment
- $51,204
- Funds due
- $65,471
- Interest + MI left
- $397,757
- First ends
- Mar 2051
New loan
New conventional
$3,534/mo
+$1,900/mo- Down payment
- $51,204
- Funds due
- $61,826
- Interest + MI left
- $663,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,796 | $270,796 | $453,796 |
| Second mortgage | — | $183,000 | — |
| First P&I | $1,265.12 | $1,265.12 | $3,074.17 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $90.76 |
| Taxes, insurance & HOA | $368.67 | $368.67 | $368.67 |
| Total housing payment | $1,633.78 | $2,976.57 | $3,533.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,204
Closing costs & prepaids$14,267
Usable credit−$0
Total buyer cash needed$65,471
Earnest money paid−$0
Remaining funds due$65,471
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,353.98
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)$606.00
Prepaid interest, first (9 days)$178.28
Prepaid interest, second (9 days)$360.99
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$44,954Through Dec 2026
Assumption only · ends Mar 2051$97,353
Assumption + second · ends Mar 2051, second Jan 2057$397,757
New conventional · ends Jan 2057$663,525