Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,059/mo
Lowest payment- Down payment
- $368,929
- Funds due
- $388,160
- Interest + MI left
- $196,906
- First ends
- Mar 2051
Assumption
Assumption + second
$5,058/mo
+$1,999/mo- Down payment
- $89,929
- Funds due
- $110,943
- Interest + MI left
- $637,471
- First ends
- Mar 2051
New loan
New conventional
$6,190/mo
+$3,130/mo- Down payment
- $89,929
- Funds due
- $105,904
- Interest + MI left
- $1,177,147
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,071 | $526,071 | $805,071 |
| Second mortgage | — | $279,000 | — |
| First P&I | $2,484.46 | $2,484.46 | $5,453.83 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $161.01 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $3,059.13 | $5,057.92 | $6,189.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,929
Closing costs & prepaids$21,015
Usable credit−$0
Total buyer cash needed$110,943
Earnest money paid−$0
Remaining funds due$110,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,630.36
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)$1,074.00
Prepaid interest, first (9 days)$359.31
Prepaid interest, second (9 days)$533.16
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 3 moOf the original 30-year loan at 2.77%
Interest already paid$90,499Through Dec 2026
Assumption only · ends Mar 2051$196,906
Assumption + second · ends Mar 2051, second Jan 2057$637,471
New conventional · ends Jan 2057$1,177,147