Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,177/mo
Lowest payment- Down payment
- $426,238
- Funds due
- $446,523
- Interest + MI left
- $200,876
- First ends
- Aug 2051
Assumption
Assumption + second
$5,520/mo
+$2,343/mo- Down payment
- $99,238
- Funds due
- $121,189
- Interest + MI left
- $717,237
- First ends
- Aug 2051
New loan
New conventional
$6,788/mo
+$3,611/mo- Down payment
- $99,238
- Funds due
- $115,748
- Interest + MI left
- $1,295,131
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $558,762 | $558,762 | $885,762 |
| Second mortgage | — | $327,000 | — |
| First P&I | $2,566.35 | $2,566.35 | $6,000.46 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | — | — | $177.15 |
| Taxes, insurance & HOA | $610.67 | $610.67 | $610.67 |
| Total housing payment | $3,177.01 | $5,519.68 | $6,788.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,238
Closing costs & prepaids$21,952
Usable credit−$0
Total buyer cash needed$121,189
Earnest money paid−$0
Remaining funds due$121,189
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,793.81
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)$1,182.00
Prepaid interest, first (6 days)$241.11
Prepaid interest, second (6 days)$416.59
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 8 moOf the original 30-year loan at 2.625%
Interest already paid$84,058Through Dec 2026
Assumption only · ends Aug 2051$200,876
Assumption + second · ends Aug 2051, second Jan 2057$717,237
New conventional · ends Jan 2057$1,295,131