Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
Lowest payment- Down payment
- $553,252
- Funds due
- $571,455
- Interest + MI left
- $131,996
- First ends
- Feb 2051
Assumption
Assumption + second
$5,541/mo
+$3,317/mo- Down payment
- $90,252
- Funds due
- $110,393
- Interest + MI left
- $863,112
- First ends
- Feb 2051
New loan
New conventional
$6,217/mo
+$3,993/mo- Down payment
- $90,252
- Funds due
- $105,957
- Interest + MI left
- $1,182,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,748 | $345,748 | $808,748 |
| Second mortgage | — | $463,000 | — |
| First P&I | $1,647.39 | $1,647.39 | $5,478.74 |
| Second P&I | — | $3,316.99 | — |
| Mortgage insurance | — | — | $161.75 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $2,223.64 | $5,540.63 | $6,216.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,252
Closing costs & prepaids$20,141
Usable credit−$0
Total buyer cash needed$110,393
Earnest money paid−$0
Remaining funds due$110,393
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,728.74
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)$1,078.75
Prepaid interest, first (7 days)$187.65
Prepaid interest, second (7 days)$688.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2 moOf the original 30-year loan at 2.83%
Interest already paid$61,689Through Dec 2026
Assumption only · ends Feb 2051$131,996
Assumption + second · ends Feb 2051, second Jan 2057$863,112
New conventional · ends Jan 2057$1,182,523