Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $527,387
- Funds due
- $544,016
- Interest + MI left
- $113,027
- First ends
- Jun 2051
Assumption
Assumption + second
$5,031/mo
+$3,210/mo- Down payment
- $79,387
- Funds due
- $98,122
- Interest + MI left
- $820,456
- First ends
- Jun 2051
New loan
New conventional
$5,511/mo
+$3,689/mo- Down payment
- $79,387
- Funds due
- $94,163
- Interest + MI left
- $1,043,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,613 | $265,613 | $713,613 |
| Second mortgage | — | $448,000 | — |
| First P&I | $1,287.89 | $1,287.89 | $4,834.26 |
| Second P&I | — | $3,209.53 | — |
| Mortgage insurance | — | — | $142.72 |
| Taxes, insurance & HOA | $533.83 | $533.83 | $533.83 |
| Total housing payment | $1,821.72 | $5,031.25 | $5,510.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,387
Closing costs & prepaids$18,735
Usable credit−$0
Total buyer cash needed$98,122
Earnest money paid−$0
Remaining funds due$98,122
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,328.07
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)$951.50
Prepaid interest, first (9 days)$201.72
Prepaid interest, second (9 days)$856.11
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 6 moOf the original 30-year loan at 3.08%
Interest already paid$48,243Through Dec 2026
Assumption only · ends Jun 2051$113,027
Assumption + second · ends Jun 2051, second Jan 2057$820,456
New conventional · ends Jan 2057$1,043,420