Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,502/mo
Lowest payment- Down payment
- $462,911
- Funds due
- $481,268
- Interest + MI left
- $152,984
- First ends
- Apr 2051
Assumption
Assumption + second
$5,188/mo
+$2,687/mo- Down payment
- $87,911
- Funds due
- $108,235
- Interest + MI left
- $745,140
- First ends
- Apr 2051
New loan
New conventional
$6,056/mo
+$3,554/mo- Down payment
- $87,911
- Funds due
- $103,650
- Interest + MI left
- $1,150,854
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,089 | $412,089 | $787,089 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,935.18 | $1,935.18 | $5,332.02 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $157.42 |
| Taxes, insurance & HOA | $566.67 | $566.67 | $566.67 |
| Total housing payment | $2,501.85 | $5,188.39 | $6,056.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,911
Closing costs & prepaids$20,323
Usable credit−$0
Total buyer cash needed$108,235
Earnest money paid−$0
Remaining funds due$108,235
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,060.44
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)$1,050.00
Prepaid interest, first (9 days)$278.41
Prepaid interest, second (9 days)$716.61
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 2.74%
Interest already paid$69,037Through Dec 2026
Assumption only · ends Apr 2051$152,984
Assumption + second · ends Apr 2051, second Jan 2057$745,140
New conventional · ends Jan 2057$1,150,854