Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,682/mo
Lowest payment- Down payment
- $526,782
- Funds due
- $542,817
- Interest + MI left
- $113,710
- First ends
- Jun 2051
Assumption
Assumption + second
$4,885/mo
+$3,202/mo- Down payment
- $79,782
- Funds due
- $97,162
- Interest + MI left
- $819,561
- First ends
- Jun 2051
New loan
New conventional
$5,475/mo
+$3,793/mo- Down payment
- $79,782
- Funds due
- $93,017
- Interest + MI left
- $1,081,643
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,218 | $266,218 | $713,218 |
| Second mortgage | — | $447,000 | — |
| First P&I | $1,287.89 | $1,287.89 | $4,938.18 |
| Second P&I | — | $3,202.36 | — |
| Mortgage insurance | — | — | $142.64 |
| Taxes, insurance & HOA | $394.50 | $394.50 | $394.50 |
| Total housing payment | $1,682.39 | $4,884.75 | $5,475.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,782
Closing costs & prepaids$17,380
Usable credit−$0
Total buyer cash needed$97,162
Earnest money paid−$0
Remaining funds due$97,162
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,331.09
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)$533.50
Prepaid interest, first (1 days)$22.46
Prepaid interest, second (1 days)$94.91
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 7 moOf the original 30-year loan at 3.080%
Interest already paid$47,560Through Nov 2026
Assumption only · ends Jun 2051$113,710
Assumption + second · ends Jun 2051, second Dec 2056$819,561
New conventional · ends Dec 2056$1,081,643