Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
Lowest payment- Down payment
- $407,936
- Funds due
- $426,980
- Interest + MI left
- $163,073
- First ends
- Jan 2051
Assumption
Assumption + second
$5,118/mo
+$2,278/mo- Down payment
- $89,936
- Funds due
- $110,838
- Interest + MI left
- $665,221
- First ends
- Jan 2051
New loan
New conventional
$6,219/mo
+$3,379/mo- Down payment
- $89,936
- Funds due
- $105,963
- Interest + MI left
- $1,182,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $491,064 | $491,064 | $809,064 |
| Second mortgage | — | $318,000 | — |
| First P&I | $2,263.45 | $2,263.45 | $5,480.88 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | — | — | $161.81 |
| Taxes, insurance & HOA | $576.25 | $576.25 | $576.25 |
| Total housing payment | $2,839.70 | $5,117.89 | $6,218.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,936
Closing costs & prepaids$20,902
Usable credit−$0
Total buyer cash needed$110,838
Earnest money paid−$0
Remaining funds due$110,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,455.32
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)$1,078.75
Prepaid interest, first (9 days)$302.71
Prepaid interest, second (9 days)$607.68
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 2.5%
Interest already paid$78,919Through Dec 2026
Assumption only · ends Jan 2051$163,073
Assumption + second · ends Jan 2051, second Jan 2057$665,221
New conventional · ends Jan 2057$1,182,985