Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,281/mo
Lowest payment- Down payment
- $488,800
- Funds due
- $506,511
- Interest + MI left
- $137,336
- First ends
- Jan 2051
Assumption
Assumption + second
$5,168/mo
+$2,887/mo- Down payment
- $85,800
- Funds due
- $105,274
- Interest + MI left
- $773,707
- First ends
- Jan 2051
New loan
New conventional
$5,886/mo
+$3,604/mo- Down payment
- $85,800
- Funds due
- $100,788
- Interest + MI left
- $1,117,241
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,100 | $361,100 | $764,100 |
| Second mortgage | — | $403,000 | — |
| First P&I | $1,724.69 | $1,724.69 | $5,176.28 |
| Second P&I | — | $2,887.14 | — |
| Mortgage insurance | — | — | $152.82 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $2,281.36 | $5,168.50 | $5,885.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,800
Closing costs & prepaids$19,474
Usable credit−$0
Total buyer cash needed$105,274
Earnest money paid−$0
Remaining funds due$105,274
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,805.50
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)$1,020.00
Prepaid interest, first (6 days)$167.99
Prepaid interest, second (6 days)$513.41
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$65,437Through Dec 2026
Assumption only · ends Jan 2051$137,336
Assumption + second · ends Jan 2051, second Jan 2057$773,707
New conventional · ends Jan 2057$1,117,241