Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,383/mo
Lowest payment- Down payment
- $387,539
- Funds due
- $407,850
- Interest + MI left
- $236,043
- First ends
- Oct 2051
Assumption
Assumption + second
$5,439/mo
+$2,056/mo- Down payment
- $100,539
- Funds due
- $122,161
- Interest + MI left
- $689,240
- First ends
- Oct 2051
New loan
New conventional
$6,951/mo
+$3,569/mo- Down payment
- $100,539
- Funds due
- $116,126
- Interest + MI left
- $1,363,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,161 | $612,161 | $899,161 |
| Second mortgage | — | $287,000 | — |
| First P&I | $2,836.80 | $2,836.80 | $6,225.61 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | — | — | $179.83 |
| Taxes, insurance & HOA | $546.00 | $546.00 | $546.00 |
| Total housing payment | $3,382.80 | $5,438.91 | $6,951.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,539
Closing costs & prepaids$21,621
Usable credit−$0
Total buyer cash needed$122,161
Earnest money paid−$0
Remaining funds due$122,161
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,060.80
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)$988.00
Prepaid interest, first (1 days)$46.46
Prepaid interest, second (1 days)$60.94
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 2.770%
Interest already paid$92,122Through Nov 2026
Assumption only · ends Oct 2051$236,043
Assumption + second · ends Oct 2051, second Dec 2056$689,240
New conventional · ends Dec 2056$1,363,638