Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $263,347
- Funds due
- $276,153
- Interest + MI left
- $118,007
- First ends
- Nov 2051
Assumption
Assumption + second
$3,109/mo
+$1,483/mo- Down payment
- $56,347
- Funds due
- $70,447
- Interest + MI left
- $444,877
- First ends
- Nov 2051
New loan
New conventional
$3,832/mo
+$2,206/mo- Down payment
- $56,347
- Funds due
- $66,393
- Interest + MI left
- $763,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,653 | $296,653 | $503,653 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,382.20 | $1,382.20 | $3,487.19 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $100.73 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $1,626.20 | $3,109.17 | $3,831.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,347
Closing costs & prepaids$14,100
Usable credit−$0
Total buyer cash needed$70,447
Earnest money paid−$0
Remaining funds due$70,447
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,483.27
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)$232.00
Prepaid interest, first (1 days)$23.08
Prepaid interest, second (1 days)$43.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$44,932Through Nov 2026
Assumption only · ends Nov 2051$118,007
Assumption + second · ends Nov 2051, second Dec 2056$444,877
New conventional · ends Dec 2056$763,824