Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,541/mo
Lowest payment- Down payment
- $415,659
- Funds due
- $433,411
- Interest + MI left
- $155,877
- First ends
- Apr 2051
Assumption
Assumption + second
$4,920/mo
+$2,378/mo- Down payment
- $83,659
- Funds due
- $102,731
- Interest + MI left
- $680,133
- First ends
- Apr 2051
New loan
New conventional
$5,908/mo
+$3,367/mo- Down payment
- $83,659
- Funds due
- $97,835
- Interest + MI left
- $1,130,360
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,341 | $413,341 | $745,341 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,942.72 | $1,942.72 | $5,160.59 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | — | — | $149.07 |
| Taxes, insurance & HOA | $598.75 | $598.75 | $598.75 |
| Total housing payment | $2,541.47 | $4,919.96 | $5,908.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,659
Closing costs & prepaids$19,073
Usable credit−$0
Total buyer cash needed$102,731
Earnest money paid−$0
Remaining funds due$102,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,066.71
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)$1,146.25
Prepaid interest, first (1 days)$31.37
Prepaid interest, second (1 days)$70.49
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$68,860Through Nov 2026
Assumption only · ends Apr 2051$155,877
Assumption + second · ends Apr 2051, second Dec 2056$680,133
New conventional · ends Dec 2056$1,130,360