Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,880/mo
Lowest payment- Down payment
- $275,731
- Funds due
- $293,072
- Interest + MI left
- $225,790
- First ends
- Dec 2051
Assumption
Assumption + second
$4,318/mo
+$1,438/mo- Down payment
- $79,731
- Funds due
- $98,365
- Interest + MI left
- $547,534
- First ends
- Dec 2051
New loan
New conventional
$5,477/mo
+$2,597/mo- Down payment
- $79,731
- Funds due
- $93,015
- Interest + MI left
- $1,075,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,269 | $513,269 | $709,269 |
| Second mortgage | — | $196,000 | — |
| First P&I | $2,455.34 | $2,455.34 | $4,910.84 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $141.85 |
| Taxes, insurance & HOA | $424.33 | $424.33 | $424.33 |
| Total housing payment | $2,879.68 | $4,317.86 | $5,477.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,731
Closing costs & prepaids$18,634
Usable credit−$0
Total buyer cash needed$98,365
Earnest money paid−$0
Remaining funds due$98,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,566.34
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)$623.00
Prepaid interest, first (1 days)$43.59
Prepaid interest, second (1 days)$42.96
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 closing25 yr 1 moOf the original 30-year loan at 3.100%
Interest already paid$83,134Through Nov 2026
Assumption only · ends Dec 2051$225,790
Assumption + second · ends Dec 2051, second Dec 2056$547,534
New conventional · ends Dec 2056$1,075,512