Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $652,356
- Funds due
- $670,528
- Interest + MI left
- $129,366
- First ends
- Oct 2051
Assumption
Assumption + second
$5,886/mo
+$3,969/mo- Down payment
- $98,356
- Funds due
- $117,896
- Interest + MI left
- $1,004,179
- First ends
- Oct 2051
New loan
New conventional
$6,650/mo
+$4,733/mo- Down payment
- $98,356
- Funds due
- $113,291
- Interest + MI left
- $1,329,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,644 | $322,644 | $876,644 |
| Second mortgage | — | $554,000 | — |
| First P&I | $1,511.74 | $1,511.74 | $6,069.71 |
| Second P&I | — | $3,968.92 | — |
| Mortgage insurance | — | — | $175.33 |
| Taxes, insurance & HOA | $405.33 | $405.33 | $405.33 |
| Total housing payment | $1,917.07 | $5,886.00 | $6,650.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,356
Closing costs & prepaids$19,540
Usable credit−$0
Total buyer cash needed$117,896
Earnest money paid−$0
Remaining funds due$117,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,613.22
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)$566.00
Prepaid interest, first (1 days)$25.37
Prepaid interest, second (1 days)$117.63
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$50,256Through Nov 2026
Assumption only · ends Oct 2051$129,366
Assumption + second · ends Oct 2051, second Dec 2056$1,004,179
New conventional · ends Dec 2056$1,329,490