Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,037/mo
Lowest payment- Down payment
- $527,000
- Funds due
- $547,242
- Interest + MI left
- $165,260
- First ends
- Jan 2051
Assumption
Assumption + second
$6,132/mo
+$3,095/mo- Down payment
- $95,000
- Funds due
- $116,584
- Interest + MI left
- $847,425
- First ends
- Jan 2051
New loan
New conventional
$7,099/mo
+$4,062/mo- Down payment
- $95,000
- Funds due
- $111,523
- Interest + MI left
- $1,296,665
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,000 | $423,000 | $855,000 |
| Second mortgage | — | $432,000 | — |
| First P&I | $2,028.48 | $2,028.48 | $5,919.85 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | — | — | $171.00 |
| Taxes, insurance & HOA | $1,008.33 | $1,008.33 | $1,008.33 |
| Total housing payment | $3,036.82 | $6,131.72 | $7,099.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,000
Closing costs & prepaids$21,583
Usable credit−$0
Total buyer cash needed$116,584
Earnest money paid−$0
Remaining funds due$116,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.00
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)$2,375.00
Prepaid interest, first (1 days)$33.49
Prepaid interest, second (1 days)$91.73
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 2 moOf the original 30-year loan at 2.890%
Interest already paid$77,019Through Nov 2026
Assumption only · ends Jan 2051$165,260
Assumption + second · ends Jan 2051, second Dec 2056$847,425
New conventional · ends Dec 2056$1,296,665