Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,572/mo
Lowest payment- Down payment
- $527,054
- Funds due
- $542,937
- Interest + MI left
- $83,096
- First ends
- Feb 2051
Assumption
Assumption + second
$4,810/mo
+$3,238/mo- Down payment
- $75,054
- Funds due
- $93,051
- Interest + MI left
- $796,842
- First ends
- Feb 2051
New loan
New conventional
$5,223/mo
+$3,652/mo- Down payment
- $75,054
- Funds due
- $89,322
- Interest + MI left
- $986,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,846 | $222,846 | $674,846 |
| Second mortgage | — | $452,000 | — |
| First P&I | $1,054.97 | $1,054.97 | $4,571.64 |
| Second P&I | — | $3,238.18 | — |
| Mortgage insurance | — | — | $134.97 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $1,571.64 | $4,809.82 | $5,223.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,054
Closing costs & prepaids$17,997
Usable credit−$0
Total buyer cash needed$93,051
Earnest money paid−$0
Remaining funds due$93,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,114.23
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)$900.00
Prepaid interest, first (9 days)$152.21
Prepaid interest, second (9 days)$863.75
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$38,944Through Dec 2026
Assumption only · ends Feb 2051$83,096
Assumption + second · ends Feb 2051, second Jan 2057$796,842
New conventional · ends Jan 2057$986,736