Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,385/mo
Lowest payment- Down payment
- $588,663
- Funds due
- $611,111
- Interest + MI left
- $219,385
- First ends
- Apr 2051
Assumption
Assumption + second
$6,766/mo
+$3,381/mo- Down payment
- $116,663
- Funds due
- $141,263
- Interest + MI left
- $964,713
- First ends
- Apr 2051
New loan
New conventional
$7,950/mo
+$4,565/mo- Down payment
- $116,663
- Funds due
- $135,747
- Interest + MI left
- $1,524,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $570,337 | $570,337 | $1,042,337 |
| Second mortgage | — | $472,000 | — |
| First P&I | $2,704.53 | $2,704.53 | $7,061.15 |
| Second P&I | — | $3,381.47 | — |
| Mortgage insurance | — | — | $208.47 |
| Taxes, insurance & HOA | $680.25 | $680.25 | $680.25 |
| Total housing payment | $3,384.78 | $6,766.25 | $7,949.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$116,663
Closing costs & prepaids$24,600
Usable credit−$0
Total buyer cash needed$141,263
Earnest money paid−$0
Remaining funds due$141,263
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,851.69
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)$1,390.75
Prepaid interest, first (9 days)$397.99
Prepaid interest, second (9 days)$901.97
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 4 moOf the original 30-year loan at 2.83%
Interest already paid$98,588Through Dec 2026
Assumption only · ends Apr 2051$219,385
Assumption + second · ends Apr 2051, second Jan 2057$964,713
New conventional · ends Jan 2057$1,524,069