Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,888/mo
Lowest payment- Down payment
- $602,218
- Funds due
- $619,871
- Interest + MI left
- $103,599
- First ends
- Jan 2051
Assumption
Assumption + second
$5,571/mo
+$3,682/mo- Down payment
- $88,218
- Funds due
- $108,104
- Interest + MI left
- $915,249
- First ends
- Jan 2051
New loan
New conventional
$6,091/mo
+$4,203/mo- Down payment
- $88,218
- Funds due
- $104,019
- Interest + MI left
- $1,157,716
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,782 | $277,782 | $791,782 |
| Second mortgage | — | $514,000 | — |
| First P&I | $1,319.66 | $1,319.66 | $5,363.81 |
| Second P&I | — | $3,682.36 | — |
| Mortgage insurance | — | — | $158.36 |
| Taxes, insurance & HOA | $568.67 | $568.67 | $568.67 |
| Total housing payment | $1,888.33 | $5,570.68 | $6,090.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,218
Closing costs & prepaids$19,886
Usable credit−$0
Total buyer cash needed$108,104
Earnest money paid−$0
Remaining funds due$108,104
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,388.91
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)$1,056.00
Prepaid interest, first (9 days)$190.41
Prepaid interest, second (9 days)$982.23
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 1 moOf the original 30-year loan at 2.78%
Interest already paid$49,478Through Dec 2026
Assumption only · ends Jan 2051$103,599
Assumption + second · ends Jan 2051, second Jan 2057$915,249
New conventional · ends Jan 2057$1,157,716