Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $408,024
- Funds due
- $425,088
- Interest + MI left
- $139,388
- First ends
- Apr 2051
Assumption
Assumption + second
$4,656/mo
+$2,357/mo- Down payment
- $79,024
- Funds due
- $97,757
- Interest + MI left
- $658,907
- First ends
- Apr 2051
New loan
New conventional
$5,454/mo
+$3,155/mo- Down payment
- $79,024
- Funds due
- $93,284
- Interest + MI left
- $1,032,254
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,976 | $376,976 | $705,976 |
| Second mortgage | — | $329,000 | — |
| First P&I | $1,768.37 | $1,768.37 | $4,782.53 |
| Second P&I | — | $2,357.00 | — |
| Mortgage insurance | — | — | $141.20 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $2,299.04 | $4,656.03 | $5,454.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,024
Closing costs & prepaids$18,733
Usable credit−$0
Total buyer cash needed$97,757
Earnest money paid−$0
Remaining funds due$97,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,884.88
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)$942.00
Prepaid interest, first (6 days)$169.17
Prepaid interest, second (6 days)$419.14
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 4 moOf the original 30-year loan at 2.73%
Interest already paid$62,931Through Dec 2026
Assumption only · ends Apr 2051$139,388
Assumption + second · ends Apr 2051, second Jan 2057$658,907
New conventional · ends Jan 2057$1,032,254