Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $464,952
- Funds due
- $481,262
- Interest + MI left
- $110,350
- First ends
- Feb 2051
Assumption
Assumption + second
$4,682/mo
+$2,787/mo- Down payment
- $75,952
- Funds due
- $94,255
- Interest + MI left
- $724,614
- First ends
- Feb 2051
New loan
New conventional
$5,247/mo
+$3,352/mo- Down payment
- $75,952
- Funds due
- $90,263
- Interest + MI left
- $991,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,048 | $289,048 | $678,048 |
| Second mortgage | — | $389,000 | — |
| First P&I | $1,377.23 | $1,377.23 | $4,593.33 |
| Second P&I | — | $2,786.84 | — |
| Mortgage insurance | — | — | $135.61 |
| Taxes, insurance & HOA | $518.25 | $518.25 | $518.25 |
| Total housing payment | $1,895.48 | $4,682.33 | $5,247.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,952
Closing costs & prepaids$18,303
Usable credit−$0
Total buyer cash needed$94,255
Earnest money paid−$0
Remaining funds due$94,255
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,540.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,445.24
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)$904.75
Prepaid interest, first (9 days)$201.70
Prepaid interest, second (9 days)$743.36
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 2.83%
Interest already paid$51,572Through Dec 2026
Assumption only · ends Feb 2051$110,350
Assumption + second · ends Feb 2051, second Jan 2057$724,614
New conventional · ends Jan 2057$991,418