Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,287/mo
Lowest payment- Down payment
- $372,159
- Funds due
- $392,171
- Interest + MI left
- $223,757
- First ends
- Oct 2051
Assumption
Assumption + second
$5,271/mo
+$1,984/mo- Down payment
- $95,159
- Funds due
- $116,774
- Interest + MI left
- $661,163
- First ends
- Oct 2051
New loan
New conventional
$6,559/mo
+$3,272/mo- Down payment
- $95,159
- Funds due
- $111,281
- Interest + MI left
- $1,249,919
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $577,841 | $577,841 | $854,841 |
| Second mortgage | — | $277,000 | — |
| First P&I | $2,689.93 | $2,689.93 | $5,790.99 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $170.97 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $3,286.59 | $5,271.05 | $6,558.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,159
Closing costs & prepaids$21,615
Usable credit−$0
Total buyer cash needed$116,774
Earnest money paid−$0
Remaining funds due$116,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,889.21
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)$1,140.00
Prepaid interest, first (6 days)$265.02
Prepaid interest, second (6 days)$352.89
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 10 moOf the original 30-year loan at 2.79%
Interest already paid$89,118Through Dec 2026
Assumption only · ends Oct 2051$223,757
Assumption + second · ends Oct 2051, second Jan 2057$661,163
New conventional · ends Jan 2057$1,249,919