Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,830/mo
Lowest payment- Down payment
- $406,698
- Funds due
- $425,450
- Interest + MI left
- $164,098
- First ends
- Jan 2051
Assumption
Assumption + second
$5,094/mo
+$2,264/mo- Down payment
- $90,698
- Funds due
- $110,768
- Interest + MI left
- $663,089
- First ends
- Jan 2051
New loan
New conventional
$6,325/mo
+$3,495/mo- Down payment
- $90,698
- Funds due
- $105,419
- Interest + MI left
- $1,225,844
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $492,302 | $492,302 | $808,302 |
| Second mortgage | — | $316,000 | — |
| First P&I | $2,263.45 | $2,263.45 | $5,596.52 |
| Second P&I | — | $2,263.86 | — |
| Mortgage insurance | — | — | $161.66 |
| Taxes, insurance & HOA | $566.50 | $566.50 | $566.50 |
| Total housing payment | $2,829.95 | $5,093.81 | $6,324.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,698
Closing costs & prepaids$20,070
Usable credit−$0
Total buyer cash needed$110,768
Earnest money paid−$0
Remaining funds due$110,768
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%)$2,461.51
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)$1,049.50
Prepaid interest, first (1 days)$33.72
Prepaid interest, second (1 days)$67.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 2.500%
Interest already paid$77,894Through Nov 2026
Assumption only · ends Jan 2051$164,098
Assumption + second · ends Jan 2051, second Dec 2056$663,089
New conventional · ends Dec 2056$1,225,844