Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,479/mo
Lowest payment- Down payment
- $778,276
- Funds due
- $802,661
- Interest + MI left
- $220,573
- First ends
- Jan 2051
Assumption
Assumption + second
$8,085/mo
+$4,607/mo- Down payment
- $135,276
- Funds due
- $161,730
- Interest + MI left
- $1,235,924
- First ends
- Jan 2051
New loan
New conventional
$9,192/mo
+$5,713/mo- Down payment
- $135,276
- Funds due
- $155,840
- Interest + MI left
- $1,768,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $566,724 | $566,724 | $1,209,724 |
| Second mortgage | — | $643,000 | — |
| First P&I | $2,724.21 | $2,724.21 | $8,195.09 |
| Second P&I | — | $4,606.53 | — |
| Mortgage insurance | — | — | $241.94 |
| Taxes, insurance & HOA | $754.67 | $754.67 | $754.67 |
| Total housing payment | $3,478.88 | $8,085.41 | $9,191.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,276
Closing costs & prepaids$26,454
Usable credit−$0
Total buyer cash needed$161,730
Earnest money paid−$0
Remaining funds due$161,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,833.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,614.00
Prepaid interest, first (6 days)$269.23
Prepaid interest, second (6 days)$819.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 2.89%
Interest already paid$104,803Through Dec 2026
Assumption only · ends Jan 2051$220,573
Assumption + second · ends Jan 2051, second Jan 2057$1,235,924
New conventional · ends Jan 2057$1,768,817