Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,222/mo
Lowest payment- Down payment
- $350,684
- Funds due
- $373,499
- Interest + MI left
- $307,020
- First ends
- Aug 2051
Assumption
Assumption + second
$5,941/mo
+$1,719/mo- Down payment
- $110,684
- Funds due
- $135,207
- Interest + MI left
- $686,000
- First ends
- Aug 2051
New loan
New conventional
$7,549/mo
+$3,328/mo- Down payment
- $110,684
- Funds due
- $129,061
- Interest + MI left
- $1,445,081
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $748,316 | $748,316 | $988,316 |
| Second mortgage | — | $240,000 | — |
| First P&I | $3,565.32 | $3,565.32 | $6,695.20 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $197.66 |
| Taxes, insurance & HOA | $656.25 | $656.25 | $656.25 |
| Total housing payment | $4,221.57 | $5,940.96 | $7,549.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,684
Closing costs & prepaids$24,523
Usable credit−$0
Total buyer cash needed$135,207
Earnest money paid−$0
Remaining funds due$135,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,741.58
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)$1,318.75
Prepaid interest, first (9 days)$546.17
Prepaid interest, second (9 days)$458.63
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 2.96%
Interest already paid$126,497Through Dec 2026
Assumption only · ends Aug 2051$307,020
Assumption + second · ends Aug 2051, second Jan 2057$686,000
New conventional · ends Jan 2057$1,445,081