Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,112/mo
Lowest payment- Down payment
- $367,661
- Funds due
- $386,739
- Interest + MI left
- $198,123
- First ends
- Mar 2051
Assumption
Assumption + second
$5,104/mo
+$1,992/mo- Down payment
- $89,661
- Funds due
- $110,048
- Interest + MI left
- $637,109
- First ends
- Mar 2051
New loan
New conventional
$6,365/mo
+$3,253/mo- Down payment
- $89,661
- Funds due
- $104,535
- Interest + MI left
- $1,221,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $527,339 | $527,339 | $805,339 |
| Second mortgage | — | $278,000 | — |
| First P&I | $2,484.46 | $2,484.46 | $5,576.00 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $161.07 |
| Taxes, insurance & HOA | $627.58 | $627.58 | $627.58 |
| Total housing payment | $3,112.04 | $5,103.67 | $6,364.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,661
Closing costs & prepaids$20,386
Usable credit−$0
Total buyer cash needed$110,048
Earnest money paid−$0
Remaining funds due$110,048
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,636.69
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)$1,232.75
Prepaid interest, first (1 days)$40.02
Prepaid interest, second (1 days)$59.03
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 4 moOf the original 30-year loan at 2.770%
Interest already paid$89,282Through Nov 2026
Assumption only · ends Mar 2051$198,123
Assumption + second · ends Mar 2051, second Dec 2056$637,109
New conventional · ends Dec 2056$1,221,351