Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
Lowest payment- Down payment
- $315,536
- Funds due
- $333,066
- Interest + MI left
- $187,806
- First ends
- Aug 2051
Assumption
Assumption + second
$4,418/mo
+$1,705/mo- Down payment
- $77,536
- Funds due
- $96,770
- Interest + MI left
- $563,628
- First ends
- Aug 2051
New loan
New conventional
$5,391/mo
+$2,678/mo- Down payment
- $77,536
- Funds due
- $92,100
- Interest + MI left
- $1,019,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,464 | $459,464 | $697,464 |
| Second mortgage | — | $238,000 | — |
| First P&I | $2,186.72 | $2,186.72 | $4,724.86 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $139.49 |
| Taxes, insurance & HOA | $526.67 | $526.67 | $526.67 |
| Total housing payment | $2,713.39 | $4,418.45 | $5,391.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,536
Closing costs & prepaids$19,234
Usable credit−$0
Total buyer cash needed$96,770
Earnest money paid−$0
Remaining funds due$96,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,297.32
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)$930.00
Prepaid interest, first (9 days)$334.21
Prepaid interest, second (9 days)$454.81
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 8 moOf the original 30-year loan at 2.95%
Interest already paid$77,414Through Dec 2026
Assumption only · ends Aug 2051$187,806
Assumption + second · ends Aug 2051, second Jan 2057$563,628
New conventional · ends Jan 2057$1,019,808