Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,054/mo
Lowest payment- Down payment
- $239,803
- Funds due
- $257,522
- Interest + MI left
- $218,281
- First ends
- Jul 2051
Assumption
Assumption + second
$4,250/mo
+$1,196/mo- Down payment
- $76,803
- Funds due
- $95,986
- Interest + MI left
- $485,854
- First ends
- Jul 2051
New loan
New conventional
$5,344/mo
+$2,290/mo- Down payment
- $76,803
- Funds due
- $90,876
- Interest + MI left
- $1,010,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $528,097 | $528,097 | $691,097 |
| Second mortgage | — | $163,000 | — |
| First P&I | $2,530.09 | $2,530.09 | $4,681.73 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | — | — | $138.22 |
| Taxes, insurance & HOA | $523.83 | $523.83 | $523.83 |
| Total housing payment | $3,053.93 | $4,249.96 | $5,343.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,803
Closing costs & prepaids$19,183
Usable credit−$0
Total buyer cash needed$95,986
Earnest money paid−$0
Remaining funds due$95,986
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,679.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,640.48
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)$921.50
Prepaid interest, first (6 days)$259.56
Prepaid interest, second (6 days)$214.36
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 7 moOf the original 30-year loan at 2.99%
Interest already paid$91,673Through Dec 2026
Assumption only · ends Jul 2051$218,281
Assumption + second · ends Jul 2051, second Jan 2057$485,854
New conventional · ends Jan 2057$1,010,498