Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $498,673
- Funds due
- $518,015
- Interest + MI left
- $191,389
- First ends
- Jul 2051
Assumption
Assumption + second
$5,663/mo
+$2,887/mo- Down payment
- $95,673
- Funds due
- $116,778
- Interest + MI left
- $827,760
- First ends
- Jul 2051
New loan
New conventional
$6,555/mo
+$3,780/mo- Down payment
- $95,673
- Funds due
- $111,790
- Interest + MI left
- $1,249,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,327 | $451,327 | $854,327 |
| Second mortgage | — | $403,000 | — |
| First P&I | $2,178.70 | $2,178.70 | $5,787.51 |
| Second P&I | — | $2,887.14 | — |
| Mortgage insurance | — | — | $170.87 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,775.37 | $5,662.51 | $6,555.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,673
Closing costs & prepaids$21,105
Usable credit−$0
Total buyer cash needed$116,778
Earnest money paid−$0
Remaining funds due$116,778
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,256.64
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)$1,140.00
Prepaid interest, first (6 days)$227.02
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$80,123Through Dec 2026
Assumption only · ends Jul 2051$191,389
Assumption + second · ends Jul 2051, second Jan 2057$827,760
New conventional · ends Jan 2057$1,249,167