Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,993/mo
Lowest payment- Down payment
- $426,221
- Funds due
- $445,688
- Interest + MI left
- $192,667
- First ends
- Apr 2051
Assumption
Assumption + second
$5,371/mo
+$2,378/mo- Down payment
- $94,221
- Funds due
- $115,361
- Interest + MI left
- $716,923
- First ends
- Apr 2051
New loan
New conventional
$6,455/mo
+$3,462/mo- Down payment
- $94,221
- Funds due
- $110,168
- Interest + MI left
- $1,229,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,779 | $508,779 | $840,779 |
| Second mortgage | — | $332,000 | — |
| First P&I | $2,402.21 | $2,402.21 | $5,695.73 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $168.16 |
| Taxes, insurance & HOA | $590.67 | $590.67 | $590.67 |
| Total housing payment | $2,992.88 | $5,371.37 | $6,454.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,221
Closing costs & prepaids$21,140
Usable credit−$0
Total buyer cash needed$115,361
Earnest money paid−$0
Remaining funds due$115,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,543.89
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)$1,122.00
Prepaid interest, first (6 days)$233.34
Prepaid interest, second (6 days)$422.96
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 2.79%
Interest already paid$86,742Through Dec 2026
Assumption only · ends Apr 2051$192,667
Assumption + second · ends Apr 2051, second Jan 2057$716,923
New conventional · ends Jan 2057$1,229,358