Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,584/mo
Lowest payment- Down payment
- $382,640
- Funds due
- $400,357
- Interest + MI left
- $155,117
- First ends
- Sep 2050
Assumption
Assumption + second
$4,741/mo
+$2,156/mo- Down payment
- $81,640
- Funds due
- $101,182
- Interest + MI left
- $630,421
- First ends
- Sep 2050
New loan
New conventional
$5,621/mo
+$3,036/mo- Down payment
- $81,640
- Funds due
- $96,610
- Interest + MI left
- $1,064,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,360 | $427,360 | $728,360 |
| Second mortgage | — | $301,000 | — |
| First P&I | $2,043.78 | $2,043.78 | $4,934.16 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $145.67 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $2,584.44 | $4,740.85 | $5,620.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,640
Closing costs & prepaids$19,542
Usable credit−$0
Total buyer cash needed$101,182
Earnest money paid−$0
Remaining funds due$101,182
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,136.80
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)$972.00
Prepaid interest, first (9 days)$289.79
Prepaid interest, second (9 days)$575.20
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 closing23 yr 9 moOf the original 30-year loan at 2.75%
Interest already paid$80,013Through Dec 2026
Assumption only · ends Sep 2050$155,117
Assumption + second · ends Sep 2050, second Jan 2057$630,421
New conventional · ends Jan 2057$1,064,983