Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,804/mo
Lowest payment- Down payment
- $310,070
- Funds due
- $326,745
- Interest + MI left
- $211,034
- First ends
- Dec 2049
Assumption
Assumption + second
$4,488/mo
+$1,684/mo- Down payment
- $75,070
- Funds due
- $93,045
- Interest + MI left
- $582,118
- First ends
- Dec 2049
New loan
New conventional
$5,262/mo
+$2,458/mo- Down payment
- $75,070
- Funds due
- $88,094
- Interest + MI left
- $1,023,577
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,930 | $439,930 | $674,930 |
| Second mortgage | — | $235,000 | — |
| First P&I | $2,350.05 | $2,350.05 | $4,673.08 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | — | — | $134.99 |
| Taxes, insurance & HOA | $454.33 | $454.33 | $454.33 |
| Total housing payment | $2,804.38 | $4,487.95 | $5,262.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,070
Closing costs & prepaids$17,974
Usable credit−$0
Total buyer cash needed$93,045
Earnest money paid−$0
Remaining funds due$93,045
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,199.65
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)$713.00
Prepaid interest, first (1 days)$43.87
Prepaid interest, second (1 days)$49.90
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 closing23 yr 1 moOf the original 30-year loan at 3.640%
Interest already paid$120,633Through Nov 2026
Assumption only · ends Dec 2049$211,034
Assumption + second · ends Dec 2049, second Dec 2056$582,118
New conventional · ends Dec 2056$1,023,577