Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,491/mo
Lowest payment- Down payment
- $416,647
- Funds due
- $434,493
- Interest + MI left
- $154,923
- First ends
- Apr 2051
Assumption
Assumption + second
$4,877/mo
+$2,386/mo- Down payment
- $83,647
- Funds due
- $103,380
- Interest + MI left
- $680,758
- First ends
- Apr 2051
New loan
New conventional
$5,747/mo
+$3,256/mo- Down payment
- $83,647
- Funds due
- $98,840
- Interest + MI left
- $1,089,829
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,353 | $412,353 | $745,353 |
| Second mortgage | — | $333,000 | — |
| First P&I | $1,942.72 | $1,942.72 | $5,049.28 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | — | — | $149.07 |
| Taxes, insurance & HOA | $548.25 | $548.25 | $548.25 |
| Total housing payment | $2,490.97 | $4,876.63 | $5,746.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,647
Closing costs & prepaids$19,733
Usable credit−$0
Total buyer cash needed$103,380
Earnest money paid−$0
Remaining funds due$103,380
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,061.76
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)$994.75
Prepaid interest, first (9 days)$281.64
Prepaid interest, second (9 days)$636.35
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 2.77%
Interest already paid$69,814Through Dec 2026
Assumption only · ends Apr 2051$154,923
Assumption + second · ends Apr 2051, second Jan 2057$680,758
New conventional · ends Jan 2057$1,089,829