Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $430,273
- Funds due
- $446,258
- Interest + MI left
- $72,591
- First ends
- Jan 2046
Assumption
Assumption + second
$4,668/mo
+$2,558/mo- Down payment
- $73,273
- Funds due
- $91,190
- Interest + MI left
- $636,324
- First ends
- Jan 2046
New loan
New conventional
$5,052/mo
+$2,941/mo- Down payment
- $73,273
- Funds due
- $87,239
- Interest + MI left
- $952,933
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,727 | $294,727 | $651,727 |
| Second mortgage | — | $357,000 | — |
| First P&I | $1,604.01 | $1,604.01 | $4,415.03 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | — | — | $130.35 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,110.68 | $4,668.27 | $5,052.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,273
Closing costs & prepaids$17,918
Usable credit−$0
Total buyer cash needed$91,190
Earnest money paid−$0
Remaining funds due$91,190
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,473.64
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)$870.00
Prepaid interest, first (9 days)$173.69
Prepaid interest, second (9 days)$682.21
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 2.39%
Interest already paid$46,612Through Dec 2026
Assumption only · ends Jan 2046$72,591
Assumption + second · ends Jan 2046, second Jan 2057$636,324
New conventional · ends Jan 2057$952,933