Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,850/mo
Lowest payment- Down payment
- $567,332
- Funds due
- $586,436
- Interest + MI left
- $119,818
- First ends
- Jan 2046
Assumption
Assumption + second
$6,196/mo
+$3,346/mo- Down payment
- $100,332
- Funds due
- $120,785
- Interest + MI left
- $857,250
- First ends
- Jan 2046
New loan
New conventional
$6,854/mo
+$4,004/mo- Down payment
- $100,332
- Funds due
- $115,632
- Interest + MI left
- $1,362,890
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,668 | $431,668 | $898,668 |
| Second mortgage | — | $467,000 | — |
| First P&I | $2,397.76 | $2,397.76 | $6,222.20 |
| Second P&I | — | $3,345.65 | — |
| Mortgage insurance | — | — | $179.73 |
| Taxes, insurance & HOA | $452.17 | $452.17 | $452.17 |
| Total housing payment | $2,849.93 | $6,195.58 | $6,854.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,332
Closing costs & prepaids$20,453
Usable credit−$0
Total buyer cash needed$120,785
Earnest money paid−$0
Remaining funds due$120,785
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,158.34
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)$706.50
Prepaid interest, first (1 days)$31.46
Prepaid interest, second (1 days)$99.16
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 closing19 yr 2 moOf the original 25-year loan at 2.660%
Interest already paid$74,512Through Nov 2026
Assumption only · ends Jan 2046$119,818
Assumption + second · ends Jan 2046, second Dec 2056$857,250
New conventional · ends Dec 2056$1,362,890