Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $452,913
- Funds due
- $469,368
- Interest + MI left
- $132,129
- First ends
- Dec 2050
Assumption
Assumption + second
$4,713/mo
+$2,672/mo- Down payment
- $79,913
- Funds due
- $97,697
- Interest + MI left
- $721,127
- First ends
- Dec 2050
New loan
New conventional
$5,494/mo
+$3,453/mo- Down payment
- $79,913
- Funds due
- $93,184
- Interest + MI left
- $1,084,478
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,087 | $342,087 | $715,087 |
| Second mortgage | — | $373,000 | — |
| First P&I | $1,640.89 | $1,640.89 | $4,951.12 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | — | — | $143.02 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $2,040.89 | $4,713.11 | $5,494.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,913
Closing costs & prepaids$17,785
Usable credit−$0
Total buyer cash needed$97,697
Earnest money paid−$0
Remaining funds due$97,697
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,710.44
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)$550.00
Prepaid interest, first (1 days)$26.90
Prepaid interest, second (1 days)$79.20
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 1 moOf the original 30-year loan at 2.870%
Interest already paid$62,839Through Nov 2026
Assumption only · ends Dec 2050$132,129
Assumption + second · ends Dec 2050, second Dec 2056$721,127
New conventional · ends Dec 2056$1,084,478