Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
Lowest payment- Down payment
- $418,361
- Funds due
- $435,453
- Interest + MI left
- $128,632
- First ends
- Sep 2047
Assumption
Assumption + second
$4,966/mo
+$2,429/mo- Down payment
- $79,361
- Funds due
- $98,135
- Interest + MI left
- $663,941
- First ends
- Sep 2047
New loan
New conventional
$5,482/mo
+$2,944/mo- Down payment
- $79,361
- Funds due
- $93,667
- Interest + MI left
- $1,037,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,639 | $370,639 | $709,639 |
| Second mortgage | — | $339,000 | — |
| First P&I | $2,005.10 | $2,005.10 | $4,807.34 |
| Second P&I | — | $2,428.64 | — |
| Mortgage insurance | — | — | $141.93 |
| Taxes, insurance & HOA | $532.25 | $532.25 | $532.25 |
| Total housing payment | $2,537.35 | $4,965.99 | $5,481.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,361
Closing costs & prepaids$18,774
Usable credit−$0
Total buyer cash needed$98,135
Earnest money paid−$0
Remaining funds due$98,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,853.20
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)$946.75
Prepaid interest, first (6 days)$184.00
Prepaid interest, second (6 days)$431.88
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 closing20 yr 9 moOf the original 26-year loan at 3.02%
Interest already paid$63,921Through Dec 2026
Assumption only · ends Sep 2047$128,632
Assumption + second · ends Sep 2047, second Jan 2057$663,941
New conventional · ends Jan 2057$1,037,610