Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,042/mo
Lowest payment- Down payment
- $457,820
- Funds due
- $474,451
- Interest + MI left
- $120,632
- First ends
- Jan 2051
Assumption
Assumption + second
$4,764/mo
+$2,722/mo- Down payment
- $77,820
- Funds due
- $96,185
- Interest + MI left
- $720,684
- First ends
- Jan 2051
New loan
New conventional
$5,389/mo
+$3,347/mo- Down payment
- $77,820
- Funds due
- $91,970
- Interest + MI left
- $1,019,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,180 | $317,180 | $697,180 |
| Second mortgage | — | $380,000 | — |
| First P&I | $1,514.92 | $1,514.92 | $4,722.94 |
| Second P&I | — | $2,722.37 | — |
| Mortgage insurance | — | — | $139.44 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $2,041.59 | $4,763.96 | $5,389.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,820
Closing costs & prepaids$18,366
Usable credit−$0
Total buyer cash needed$96,185
Earnest money paid−$0
Remaining funds due$96,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,585.90
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)$930.00
Prepaid interest, first (6 days)$147.55
Prepaid interest, second (6 days)$484.11
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$57,478Through Dec 2026
Assumption only · ends Jan 2051$120,632
Assumption + second · ends Jan 2051, second Jan 2057$720,684
New conventional · ends Jan 2057$1,019,392