Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,351/mo
Lowest payment- Down payment
- $614,928
- Funds due
- $633,655
- Interest + MI left
- $156,198
- First ends
- Apr 2050
Assumption
Assumption + second
$6,069/mo
+$3,718/mo- Down payment
- $95,928
- Funds due
- $116,566
- Interest + MI left
- $975,743
- First ends
- Apr 2050
New loan
New conventional
$6,553/mo
+$4,202/mo- Down payment
- $95,928
- Funds due
- $112,042
- Interest + MI left
- $1,248,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,072 | $335,072 | $854,072 |
| Second mortgage | — | $519,000 | — |
| First P&I | $1,754.54 | $1,754.54 | $5,785.78 |
| Second P&I | — | $3,718.18 | — |
| Mortgage insurance | — | — | $170.81 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,351.20 | $6,069.38 | $6,553.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,928
Closing costs & prepaids$20,638
Usable credit−$0
Total buyer cash needed$116,566
Earnest money paid−$0
Remaining funds due$116,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,675.36
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)$1,140.00
Prepaid interest, first (6 days)$193.33
Prepaid interest, second (6 days)$661.19
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 closing23 yr 4 moOf the original 30-year loan at 3.51%
Interest already paid$85,193Through Dec 2026
Assumption only · ends Apr 2050$156,198
Assumption + second · ends Apr 2050, second Jan 2057$975,743
New conventional · ends Jan 2057$1,248,795