Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $253,236
- Funds due
- $265,943
- Interest + MI left
- $118,968
- First ends
- Nov 2051
Assumption
Assumption + second
$3,083/mo
+$1,453/mo- Down payment
- $55,236
- Funds due
- $69,237
- Interest + MI left
- $443,996
- First ends
- Nov 2051
New loan
New conventional
$3,769/mo
+$2,139/mo- Down payment
- $55,236
- Funds due
- $65,191
- Interest + MI left
- $750,343
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,764 | $296,764 | $494,764 |
| Second mortgage | — | $198,000 | — |
| First P&I | $1,385.77 | $1,385.77 | $3,425.65 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | — | — | $98.95 |
| Taxes, insurance & HOA | $244.00 | $244.00 | $244.00 |
| Total housing payment | $1,629.77 | $3,082.63 | $3,768.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,236
Closing costs & prepaids$14,000
Usable credit−$0
Total buyer cash needed$69,237
Earnest money paid−$0
Remaining funds due$69,237
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,483.82
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)$23.25
Prepaid interest, second (1 days)$43.40
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 2.860%
Interest already paid$45,256Through Nov 2026
Assumption only · ends Nov 2051$118,968
Assumption + second · ends Nov 2051, second Dec 2056$443,996
New conventional · ends Dec 2056$750,343