Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,433/mo
Lowest payment- Down payment
- $400,329
- Funds due
- $417,183
- Interest + MI left
- $180,290
- First ends
- Jul 2051
Assumption
Assumption + second
$4,748/mo
+$2,314/mo- Down payment
- $77,329
- Funds due
- $95,501
- Interest + MI left
- $690,334
- First ends
- Jul 2051
New loan
New conventional
$5,491/mo
+$3,058/mo- Down payment
- $77,329
- Funds due
- $90,897
- Interest + MI left
- $1,042,762
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,671 | $364,671 | $687,671 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $4,761.30 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $137.53 |
| Taxes, insurance & HOA | $592.42 | $592.42 | $592.42 |
| Total housing payment | $2,433.50 | $4,747.51 | $5,491.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,329
Closing costs & prepaids$18,172
Usable credit−$0
Total buyer cash needed$95,501
Earnest money paid−$0
Remaining funds due$95,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,823.35
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)$1,127.25
Prepaid interest, first (1 days)$34.97
Prepaid interest, second (1 days)$68.58
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$180,290
Assumption + second · ends Jul 2051, second Dec 2056$690,334
New conventional · ends Dec 2056$1,042,762