Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $324,481
- Funds due
- $341,648
- Interest + MI left
- $188,938
- First ends
- Aug 2051
Assumption
Assumption + second
$4,411/mo
+$1,755/mo- Down payment
- $79,481
- Funds due
- $97,950
- Interest + MI left
- $575,813
- First ends
- Aug 2051
New loan
New conventional
$5,495/mo
+$2,839/mo- Down payment
- $79,481
- Funds due
- $92,862
- Interest + MI left
- $1,069,826
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $460,519 | $460,519 | $705,519 |
| Second mortgage | — | $245,000 | — |
| First P&I | $2,186.72 | $2,186.72 | $4,884.87 |
| Second P&I | — | $1,755.21 | — |
| Mortgage insurance | — | — | $141.10 |
| Taxes, insurance & HOA | $469.42 | $469.42 | $469.42 |
| Total housing payment | $2,656.14 | $4,411.35 | $5,495.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,481
Closing costs & prepaids$18,468
Usable credit−$0
Total buyer cash needed$97,950
Earnest money paid−$0
Remaining funds due$97,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,302.59
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)$758.25
Prepaid interest, first (1 days)$37.22
Prepaid interest, second (1 days)$52.02
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 9 moOf the original 30-year loan at 2.950%
Interest already paid$76,282Through Nov 2026
Assumption only · ends Aug 2051$188,938
Assumption + second · ends Aug 2051, second Dec 2056$575,813
New conventional · ends Dec 2056$1,069,826