Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,014/mo
Lowest payment- Down payment
- $568,773
- Funds due
- $588,613
- Interest + MI left
- $118,861
- First ends
- Jan 2046
Assumption
Assumption + second
$6,367/mo
+$3,353/mo- Down payment
- $100,773
- Funds due
- $122,757
- Interest + MI left
- $857,872
- First ends
- Jan 2046
New loan
New conventional
$6,881/mo
+$3,867/mo- Down payment
- $100,773
- Funds due
- $117,969
- Interest + MI left
- $1,313,356
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,227 | $430,227 | $898,227 |
| Second mortgage | — | $468,000 | — |
| First P&I | $2,397.76 | $2,397.76 | $6,084.90 |
| Second P&I | — | $3,352.81 | — |
| Mortgage insurance | — | — | $179.65 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $3,014.01 | $6,366.82 | $6,880.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,773
Closing costs & prepaids$21,984
Usable credit−$0
Total buyer cash needed$122,757
Earnest money paid−$0
Remaining funds due$122,757
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,151.14
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)$1,198.75
Prepaid interest, first (9 days)$282.18
Prepaid interest, second (9 days)$894.33
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 closing19 yr 1 moOf the original 25-year loan at 2.66%
Interest already paid$75,469Through Dec 2026
Assumption only · ends Jan 2046$118,861
Assumption + second · ends Jan 2046, second Jan 2057$857,872
New conventional · ends Jan 2057$1,313,356