Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,670/mo
Lowest payment- Down payment
- $637,637
- Funds due
- $661,209
- Interest + MI left
- $238,335
- First ends
- Dec 2050
Assumption
Assumption + second
$7,339/mo
+$3,668/mo- Down payment
- $125,637
- Funds due
- $151,111
- Interest + MI left
- $1,046,826
- First ends
- Dec 2050
New loan
New conventional
$8,558/mo
+$4,888/mo- Down payment
- $125,637
- Funds due
- $145,133
- Interest + MI left
- $1,644,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,363 | $612,363 | $1,124,363 |
| Second mortgage | — | $512,000 | — |
| First P&I | $2,953.81 | $2,953.81 | $7,616.83 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $224.87 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $3,670.48 | $7,338.51 | $8,558.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,637
Closing costs & prepaids$25,474
Usable credit−$0
Total buyer cash needed$151,111
Earnest money paid−$0
Remaining funds due$151,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,061.81
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)$1,500.00
Prepaid interest, first (6 days)$291.92
Prepaid interest, second (6 days)$652.27
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 yrOf the original 30-year loan at 2.9%
Interest already paid$115,378Through Dec 2026
Assumption only · ends Dec 2050$238,335
Assumption + second · ends Dec 2050, second Jan 2057$1,046,826
New conventional · ends Jan 2057$1,644,005