Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,889/mo
Lowest payment- Down payment
- $577,204
- Funds due
- $597,685
- Interest + MI left
- $179,312
- First ends
- Nov 2050
Assumption
Assumption + second
$6,271/mo
+$3,381/mo- Down payment
- $105,204
- Funds due
- $127,537
- Interest + MI left
- $924,640
- First ends
- Nov 2050
New loan
New conventional
$7,189/mo
+$4,300/mo- Down payment
- $105,204
- Funds due
- $122,390
- Interest + MI left
- $1,374,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $467,796 | $467,796 | $939,796 |
| Second mortgage | — | $472,000 | — |
| First P&I | $2,254.73 | $2,254.73 | $6,366.51 |
| Second P&I | — | $3,381.47 | — |
| Mortgage insurance | — | — | $187.96 |
| Taxes, insurance & HOA | $634.67 | $634.67 | $634.67 |
| Total housing payment | $2,889.40 | $6,270.86 | $7,189.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,204
Closing costs & prepaids$22,333
Usable credit−$0
Total buyer cash needed$127,537
Earnest money paid−$0
Remaining funds due$127,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,338.98
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)$1,254.00
Prepaid interest, first (6 days)$220.70
Prepaid interest, second (6 days)$601.32
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 closing23 yr 11 moOf the original 30-year loan at 2.87%
Interest already paid$88,592Through Dec 2026
Assumption only · ends Nov 2050$179,312
Assumption + second · ends Nov 2050, second Jan 2057$924,640
New conventional · ends Jan 2057$1,374,137