Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,677/mo
Lowest payment- Down payment
- $508,729
- Funds due
- $528,078
- Interest + MI left
- $178,871
- First ends
- Sep 2051
Assumption
Assumption + second
$5,636/mo
+$2,959/mo- Down payment
- $95,729
- Funds due
- $117,118
- Interest + MI left
- $831,033
- First ends
- Sep 2051
New loan
New conventional
$6,540/mo
+$3,863/mo- Down payment
- $95,729
- Funds due
- $112,323
- Interest + MI left
- $1,246,161
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,271 | $439,271 | $852,271 |
| Second mortgage | — | $413,000 | — |
| First P&I | $2,081.29 | $2,081.29 | $5,773.58 |
| Second P&I | — | $2,958.78 | — |
| Mortgage insurance | — | — | $170.45 |
| Taxes, insurance & HOA | $595.83 | $595.83 | $595.83 |
| Total housing payment | $2,677.12 | $5,635.90 | $6,539.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,729
Closing costs & prepaids$21,388
Usable credit−$0
Total buyer cash needed$117,118
Earnest money paid−$0
Remaining funds due$117,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,196.35
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)$1,137.50
Prepaid interest, first (9 days)$317.36
Prepaid interest, second (9 days)$789.23
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$72,284Through Dec 2026
Assumption only · ends Sep 2051$178,871
Assumption + second · ends Sep 2051, second Jan 2057$831,033
New conventional · ends Jan 2057$1,246,161