Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,482/mo
Lowest payment- Down payment
- $345,977
- Funds due
- $363,043
- Interest + MI left
- $151,259
- First ends
- Mar 2051
Assumption
Assumption + second
$4,410/mo
+$1,927/mo- Down payment
- $76,977
- Funds due
- $95,635
- Interest + MI left
- $576,033
- First ends
- Mar 2051
New loan
New conventional
$5,321/mo
+$2,839/mo- Down payment
- $76,977
- Funds due
- $91,012
- Interest + MI left
- $1,006,003
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,023 | $419,023 | $688,023 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,959.73 | $1,959.73 | $4,660.91 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $137.60 |
| Taxes, insurance & HOA | $522.67 | $522.67 | $522.67 |
| Total housing payment | $2,482.40 | $4,409.55 | $5,321.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,977
Closing costs & prepaids$18,658
Usable credit−$0
Total buyer cash needed$95,635
Earnest money paid−$0
Remaining funds due$95,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,095.11
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)$918.00
Prepaid interest, first (6 days)$184.60
Prepaid interest, second (6 days)$342.70
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$69,813Through Dec 2026
Assumption only · ends Mar 2051$151,259
Assumption + second · ends Mar 2051, second Jan 2057$576,033
New conventional · ends Jan 2057$1,006,003