Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,986/mo
Lowest payment- Down payment
- $283,870
- Funds due
- $305,289
- Interest + MI left
- $289,090
- First ends
- Dec 2051
Assumption
Assumption + second
$5,329/mo
+$1,343/mo- Down payment
- $100,870
- Funds due
- $123,779
- Interest + MI left
- $589,494
- First ends
- Dec 2051
New loan
New conventional
$6,924/mo
+$2,938/mo- Down payment
- $100,870
- Funds due
- $117,609
- Interest + MI left
- $1,321,988
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $721,130 | $721,130 | $904,130 |
| Second mortgage | — | $183,000 | — |
| First P&I | $3,367.40 | $3,367.40 | $6,124.89 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $180.83 |
| Taxes, insurance & HOA | $618.67 | $618.67 | $618.67 |
| Total housing payment | $3,986.07 | $5,328.86 | $6,924.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,870
Closing costs & prepaids$22,909
Usable credit−$0
Total buyer cash needed$123,779
Earnest money paid−$0
Remaining funds due$123,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,605.65
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)$1,206.00
Prepaid interest, first (6 days)$339.03
Prepaid interest, second (6 days)$240.66
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 closing25 yrOf the original 30-year loan at 2.86%
Interest already paid$109,971Through Dec 2026
Assumption only · ends Dec 2051$289,090
Assumption + second · ends Dec 2051, second Jan 2057$589,494
New conventional · ends Jan 2057$1,321,988