Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,590/mo
Lowest payment- Down payment
- $381,578
- Funds due
- $399,058
- Interest + MI left
- $156,099
- First ends
- Sep 2050
Assumption
Assumption + second
$4,739/mo
+$2,149/mo- Down payment
- $81,578
- Funds due
- $100,372
- Interest + MI left
- $629,824
- First ends
- Sep 2050
New loan
New conventional
$5,735/mo
+$3,145/mo- Down payment
- $81,578
- Funds due
- $95,422
- Interest + MI left
- $1,104,701
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,422 | $428,422 | $728,422 |
| Second mortgage | — | $300,000 | — |
| First P&I | $2,043.78 | $2,043.78 | $5,043.45 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | — | — | $145.68 |
| Taxes, insurance & HOA | $545.75 | $545.75 | $545.75 |
| Total housing payment | $2,589.53 | $4,738.76 | $5,734.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,578
Closing costs & prepaids$18,793
Usable credit−$0
Total buyer cash needed$100,372
Earnest money paid−$0
Remaining funds due$100,372
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,142.11
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)$987.25
Prepaid interest, first (1 days)$32.28
Prepaid interest, second (1 days)$63.70
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 closing23 yr 10 moOf the original 30-year loan at 2.750%
Interest already paid$79,031Through Nov 2026
Assumption only · ends Sep 2050$156,099
Assumption + second · ends Sep 2050, second Dec 2056$629,824
New conventional · ends Dec 2056$1,104,701