Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,160/mo
Lowest payment- Down payment
- $328,676
- Funds due
- $347,735
- Interest + MI left
- $226,438
- First ends
- Aug 2051
Assumption
Assumption + second
$4,851/mo
+$1,691/mo- Down payment
- $92,676
- Funds due
- $113,085
- Interest + MI left
- $599,102
- First ends
- Aug 2051
New loan
New conventional
$6,319/mo
+$3,159/mo- Down payment
- $92,676
- Funds due
- $107,281
- Interest + MI left
- $1,262,275
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $596,324 | $596,324 | $832,324 |
| Second mortgage | — | $236,000 | — |
| First P&I | $2,770.24 | $2,770.24 | $5,762.84 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $166.46 |
| Taxes, insurance & HOA | $389.75 | $389.75 | $389.75 |
| Total housing payment | $3,159.99 | $4,850.73 | $6,319.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,676
Closing costs & prepaids$20,409
Usable credit−$0
Total buyer cash needed$113,085
Earnest money paid−$0
Remaining funds due$113,085
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,981.62
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)$519.25
Prepaid interest, first (2 days)$89.86
Prepaid interest, second (2 days)$100.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.750%
Interest already paid$92,269Through Nov 2026
Assumption only · ends Aug 2051$226,438
Assumption + second · ends Aug 2051, second Dec 2056$599,102
New conventional · ends Dec 2056$1,262,275