Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $401,107
- Funds due
- $418,026
- Interest + MI left
- $179,226
- First ends
- Jul 2051
Assumption
Assumption + second
$4,685/mo
+$2,321/mo- Down payment
- $77,107
- Funds due
- $95,895
- Interest + MI left
- $690,850
- First ends
- Jul 2051
New loan
New conventional
$5,320/mo
+$2,957/mo- Down payment
- $77,107
- Funds due
- $91,547
- Interest + MI left
- $1,005,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,893 | $363,893 | $687,893 |
| Second mortgage | — | $324,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $4,660.03 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | — | — | $137.58 |
| Taxes, insurance & HOA | $522.67 | $522.67 | $522.67 |
| Total housing payment | $2,363.75 | $4,684.93 | $5,320.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,107
Closing costs & prepaids$18,789
Usable credit−$0
Total buyer cash needed$95,895
Earnest money paid−$0
Remaining funds due$95,895
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.47
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)$918.00
Prepaid interest, first (9 days)$314.04
Prepaid interest, second (9 days)$619.15
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 7 moOf the original 30-year loan at 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$179,226
Assumption + second · ends Jul 2051, second Jan 2057$690,850
New conventional · ends Jan 2057$1,005,813