Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,534/mo
Lowest payment- Down payment
- $461,919
- Funds due
- $480,130
- Interest + MI left
- $153,927
- First ends
- Apr 2051
Assumption
Assumption + second
$5,213/mo
+$2,679/mo- Down payment
- $87,919
- Funds due
- $107,459
- Interest + MI left
- $744,504
- First ends
- Apr 2051
New loan
New conventional
$6,206/mo
+$3,672/mo- Down payment
- $87,919
- Funds due
- $102,521
- Interest + MI left
- $1,193,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,081 | $413,081 | $787,081 |
| Second mortgage | — | $374,000 | — |
| First P&I | $1,935.18 | $1,935.18 | $5,449.59 |
| Second P&I | — | $2,679.38 | — |
| Mortgage insurance | — | — | $157.42 |
| Taxes, insurance & HOA | $598.75 | $598.75 | $598.75 |
| Total housing payment | $2,533.93 | $5,213.31 | $6,205.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,919
Closing costs & prepaids$19,540
Usable credit−$0
Total buyer cash needed$107,459
Earnest money paid−$0
Remaining funds due$107,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,065.40
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)$1,146.25
Prepaid interest, first (1 days)$31.01
Prepaid interest, second (1 days)$79.41
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$68,094Through Nov 2026
Assumption only · ends Apr 2051$153,927
Assumption + second · ends Apr 2051, second Dec 2056$744,504
New conventional · ends Dec 2056$1,193,661