Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,584/mo
Lowest payment- Down payment
- $507,723
- Funds due
- $526,515
- Interest + MI left
- $179,946
- First ends
- Sep 2051
Assumption
Assumption + second
$5,535/mo
+$2,952/mo- Down payment
- $95,723
- Funds due
- $115,852
- Interest + MI left
- $830,529
- First ends
- Sep 2051
New loan
New conventional
$6,574/mo
+$3,990/mo- Down payment
- $95,723
- Funds due
- $110,701
- Interest + MI left
- $1,292,365
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,277 | $440,277 | $852,277 |
| Second mortgage | — | $412,000 | — |
| First P&I | $2,081.29 | $2,081.29 | $5,900.99 |
| Second P&I | — | $2,951.62 | — |
| Mortgage insurance | — | — | $170.46 |
| Taxes, insurance & HOA | $502.33 | $502.33 | $502.33 |
| Total housing payment | $2,583.62 | $5,535.24 | $6,573.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,723
Closing costs & prepaids$20,129
Usable credit−$0
Total buyer cash needed$115,852
Earnest money paid−$0
Remaining funds due$115,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,480.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,201.39
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)$857.00
Prepaid interest, first (1 days)$35.34
Prepaid interest, second (1 days)$87.48
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 10 moOf the original 30-year loan at 2.930%
Interest already paid$71,209Through Nov 2026
Assumption only · ends Sep 2051$179,946
Assumption + second · ends Sep 2051, second Dec 2056$830,529
New conventional · ends Dec 2056$1,292,365