Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,453/mo
Lowest payment- Down payment
- $388,963
- Funds due
- $409,849
- Interest + MI left
- $234,630
- First ends
- Oct 2051
Assumption
Assumption + second
$5,517/mo
+$2,063/mo- Down payment
- $100,963
- Funds due
- $123,649
- Interest + MI left
- $689,406
- First ends
- Oct 2051
New loan
New conventional
$6,885/mo
+$3,431/mo- Down payment
- $100,963
- Funds due
- $118,166
- Interest + MI left
- $1,314,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $610,737 | $610,737 | $898,737 |
| Second mortgage | — | $288,000 | — |
| First P&I | $2,836.80 | $2,836.80 | $6,088.36 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $179.75 |
| Taxes, insurance & HOA | $616.58 | $616.58 | $616.58 |
| Total housing payment | $3,453.39 | $5,516.65 | $6,884.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,963
Closing costs & prepaids$22,686
Usable credit−$0
Total buyer cash needed$123,649
Earnest money paid−$0
Remaining funds due$123,649
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,053.68
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)$1,199.75
Prepaid interest, first (9 days)$417.14
Prepaid interest, second (9 days)$550.36
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 10 moOf the original 30-year loan at 2.77%
Interest already paid$93,535Through Dec 2026
Assumption only · ends Oct 2051$234,630
Assumption + second · ends Oct 2051, second Jan 2057$689,406
New conventional · ends Jan 2057$1,314,102