Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,157/mo
Lowest payment- Down payment
- $242,015
- Funds due
- $260,378
- Interest + MI left
- $222,904
- First ends
- Oct 2051
Assumption
Assumption + second
$4,346/mo
+$1,189/mo- Down payment
- $80,015
- Funds due
- $99,948
- Interest + MI left
- $488,836
- First ends
- Oct 2051
New loan
New conventional
$5,558/mo
+$2,401/mo- Down payment
- $80,015
- Funds due
- $94,875
- Interest + MI left
- $1,052,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $557,985 | $557,985 | $719,985 |
| Second mortgage | — | $162,000 | — |
| First P&I | $2,620.43 | $2,620.43 | $4,877.43 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $144.00 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $3,157.10 | $4,345.80 | $5,558.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,015
Closing costs & prepaids$19,932
Usable credit−$0
Total buyer cash needed$99,948
Earnest money paid−$0
Remaining funds due$99,948
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,789.92
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)$960.00
Prepaid interest, first (9 days)$394.87
Prepaid interest, second (9 days)$319.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 2.87%
Interest already paid$88,451Through Dec 2026
Assumption only · ends Oct 2051$222,904
Assumption + second · ends Oct 2051, second Jan 2057$488,836
New conventional · ends Jan 2057$1,052,737