Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,938/mo
Lowest payment- Down payment
- $854,980
- Funds due
- $881,546
- Interest + MI left
- $269,515
- First ends
- May 2051
Assumption
Assumption + second
$8,981/mo
+$5,044/mo- Down payment
- $150,980
- Funds due
- $179,693
- Interest + MI left
- $1,381,190
- First ends
- May 2051
New loan
New conventional
$10,225/mo
+$6,287/mo- Down payment
- $150,980
- Funds due
- $173,287
- Interest + MI left
- $1,972,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $645,020 | $645,020 | $1,349,020 |
| Second mortgage | — | $704,000 | — |
| First P&I | $3,121.28 | $3,121.28 | $9,138.73 |
| Second P&I | — | $5,043.54 | — |
| Mortgage insurance | — | — | $269.80 |
| Taxes, insurance & HOA | $816.67 | $816.67 | $816.67 |
| Total housing payment | $3,937.95 | $8,981.49 | $10,225.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,980
Closing costs & prepaids$28,712
Usable credit−$0
Total buyer cash needed$179,693
Earnest money paid−$0
Remaining funds due$179,693
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,225.10
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)$1,800.00
Prepaid interest, first (6 days)$322.33
Prepaid interest, second (6 days)$896.88
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 5 moOf the original 30-year loan at 3.04%
Interest already paid$117,585Through Dec 2026
Assumption only · ends May 2051$269,515
Assumption + second · ends May 2051, second Jan 2057$1,381,190
New conventional · ends Jan 2057$1,972,490