Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,757/mo
Lowest payment- Down payment
- $466,851
- Funds due
- $485,831
- Interest + MI left
- $189,929
- First ends
- Jul 2051
Assumption
Assumption + second
$5,444/mo
+$2,687/mo- Down payment
- $91,851
- Funds due
- $112,559
- Interest + MI left
- $782,086
- First ends
- Jul 2051
New loan
New conventional
$6,346/mo
+$3,589/mo- Down payment
- $91,851
- Funds due
- $107,614
- Interest + MI left
- $1,207,966
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,149 | $451,149 | $826,149 |
| Second mortgage | — | $375,000 | — |
| First P&I | $2,173.15 | $2,173.15 | $5,596.62 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $165.23 |
| Taxes, insurance & HOA | $583.83 | $583.83 | $583.83 |
| Total housing payment | $2,756.98 | $5,443.53 | $6,345.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,851
Closing costs & prepaids$20,708
Usable credit−$0
Total buyer cash needed$112,559
Earnest money paid−$0
Remaining funds due$112,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,180.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,255.75
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)$1,101.50
Prepaid interest, first (6 days)$225.45
Prepaid interest, second (6 days)$477.74
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 3.04%
Interest already paid$79,584Through Dec 2026
Assumption only · ends Jul 2051$189,929
Assumption + second · ends Jul 2051, second Jan 2057$782,086
New conventional · ends Jan 2057$1,207,966