Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $611,388
- Funds due
- $628,484
- Interest + MI left
- $90,359
- First ends
- Apr 2051
Assumption
Assumption + second
$5,452/mo
+$3,768/mo- Down payment
- $85,388
- Funds due
- $104,739
- Interest + MI left
- $920,957
- First ends
- Apr 2051
New loan
New conventional
$5,889/mo
+$4,206/mo- Down payment
- $85,388
- Funds due
- $100,833
- Interest + MI left
- $1,117,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,612 | $238,612 | $764,612 |
| Second mortgage | — | $526,000 | — |
| First P&I | $1,126.61 | $1,126.61 | $5,179.75 |
| Second P&I | — | $3,768.33 | — |
| Mortgage insurance | — | — | $152.92 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $1,683.28 | $5,451.61 | $5,889.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,388
Closing costs & prepaids$19,350
Usable credit−$0
Total buyer cash needed$104,739
Earnest money paid−$0
Remaining funds due$104,739
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,193.06
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)$1,020.00
Prepaid interest, first (9 days)$164.15
Prepaid interest, second (9 days)$1,005.16
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$40,681Through Dec 2026
Assumption only · ends Apr 2051$90,359
Assumption + second · ends Apr 2051, second Jan 2057$920,957
New conventional · ends Jan 2057$1,117,989