Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,347/mo
Lowest payment- Down payment
- $398,911
- Funds due
- $415,894
- Interest + MI left
- $150,795
- First ends
- Oct 2051
Assumption
Assumption + second
$4,647/mo
+$2,300/mo- Down payment
- $77,911
- Funds due
- $96,212
- Interest + MI left
- $657,681
- First ends
- Oct 2051
New loan
New conventional
$5,551/mo
+$3,204/mo- Down payment
- $77,911
- Funds due
- $91,553
- Interest + MI left
- $1,057,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,089 | $376,089 | $697,089 |
| Second mortgage | — | $321,000 | — |
| First P&I | $1,762.15 | $1,762.15 | $4,826.50 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $139.42 |
| Taxes, insurance & HOA | $585.00 | $585.00 | $585.00 |
| Total housing payment | $2,347.15 | $4,646.84 | $5,550.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,911
Closing costs & prepaids$18,301
Usable credit−$0
Total buyer cash needed$96,212
Earnest money paid−$0
Remaining funds due$96,212
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,880.44
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)$1,105.00
Prepaid interest, first (1 days)$29.57
Prepaid interest, second (1 days)$68.16
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$58,581Through Nov 2026
Assumption only · ends Oct 2051$150,795
Assumption + second · ends Oct 2051, second Dec 2056$657,681
New conventional · ends Dec 2056$1,057,182