Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,779/mo
Lowest payment- Down payment
- $618,138
- Funds due
- $648,960
- Interest + MI left
- $405,897
- First ends
- Nov 2051
Assumption
Assumption + second
$9,003/mo
+$3,224/mo- Down payment
- $168,138
- Funds due
- $200,879
- Interest + MI left
- $1,116,485
- First ends
- Nov 2051
New loan
New conventional
$11,396/mo
+$5,617/mo- Down payment
- $168,138
- Funds due
- $192,717
- Interest + MI left
- $2,203,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,056,862 | $1,056,862 | $1,506,862 |
| Second mortgage | — | $450,000 | — |
| First P&I | $4,892.17 | $4,892.17 | $10,208.01 |
| Second P&I | — | $3,223.86 | — |
| Mortgage insurance | — | — | $301.37 |
| Taxes, insurance & HOA | $886.67 | $886.67 | $886.67 |
| Total housing payment | $5,778.84 | $9,002.69 | $11,396.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$168,138
Closing costs & prepaids$32,741
Usable credit−$0
Total buyer cash needed$200,879
Earnest money paid−$0
Remaining funds due$200,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,284.31
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)$2,010.00
Prepaid interest, first (7 days)$559.41
Prepaid interest, second (7 days)$668.84
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 11 moOf the original 30-year loan at 2.76%
Interest already paid$158,484Through Dec 2026
Assumption only · ends Nov 2051$405,897
Assumption + second · ends Nov 2051, second Jan 2057$1,116,485
New conventional · ends Jan 2057$2,203,281