Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,420/mo
Lowest payment- Down payment
- $348,597
- Funds due
- $372,067
- Interest + MI left
- $306,789
- First ends
- Aug 2051
Assumption
Assumption + second
$6,089/mo
+$1,669/mo- Down payment
- $115,597
- Funds due
- $140,614
- Interest + MI left
- $674,715
- First ends
- Aug 2051
New loan
New conventional
$7,890/mo
+$3,470/mo- Down payment
- $115,597
- Funds due
- $133,966
- Interest + MI left
- $1,512,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $801,303 | $801,303 | $1,034,303 |
| Second mortgage | — | $233,000 | — |
| First P&I | $3,743.55 | $3,743.55 | $7,006.73 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $206.86 |
| Taxes, insurance & HOA | $676.67 | $676.67 | $676.67 |
| Total housing payment | $4,420.22 | $6,089.46 | $7,890.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,597
Closing costs & prepaids$25,017
Usable credit−$0
Total buyer cash needed$140,614
Earnest money paid−$0
Remaining funds due$140,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,006.51
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)$1,380.00
Prepaid interest, first (6 days)$366.18
Prepaid interest, second (6 days)$296.84
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 8 moOf the original 30-year loan at 2.78%
Interest already paid$127,454Through Dec 2026
Assumption only · ends Aug 2051$306,789
Assumption + second · ends Aug 2051, second Jan 2057$674,715
New conventional · ends Jan 2057$1,512,322