Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $485,789
- Funds due
- $505,934
- Interest + MI left
- $195,873
- First ends
- Apr 2051
Assumption
Assumption + second
$5,795/mo
+$2,765/mo- Down payment
- $99,789
- Funds due
- $121,676
- Interest + MI left
- $805,399
- First ends
- Apr 2051
New loan
New conventional
$6,858/mo
+$3,829/mo- Down payment
- $99,789
- Funds due
- $116,417
- Interest + MI left
- $1,308,947
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $509,211 | $509,211 | $895,211 |
| Second mortgage | — | $386,000 | — |
| First P&I | $2,414.67 | $2,414.67 | $6,064.47 |
| Second P&I | — | $2,765.35 | — |
| Mortgage insurance | — | — | $179.04 |
| Taxes, insurance & HOA | $614.67 | $614.67 | $614.67 |
| Total housing payment | $3,029.34 | $5,794.69 | $6,858.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,789
Closing costs & prepaids$21,887
Usable credit−$0
Total buyer cash needed$121,676
Earnest money paid−$0
Remaining funds due$121,676
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,546.05
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)$1,194.00
Prepaid interest, first (6 days)$236.89
Prepaid interest, second (6 days)$491.75
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 4 moOf the original 30-year loan at 2.83%
Interest already paid$88,021Through Dec 2026
Assumption only · ends Apr 2051$195,873
Assumption + second · ends Apr 2051, second Jan 2057$805,399
New conventional · ends Jan 2057$1,308,947