Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,202/mo
Lowest payment- Down payment
- $228,400
- Funds due
- $246,203
- Interest + MI left
- $194,015
- First ends
- Jan 2051
Assumption
Assumption + second
$4,340/mo
+$1,137/mo- Down payment
- $73,400
- Funds due
- $92,487
- Interest + MI left
- $448,456
- First ends
- Jan 2051
New loan
New conventional
$5,463/mo
+$2,260/mo- Down payment
- $73,400
- Funds due
- $87,286
- Interest + MI left
- $988,065
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $496,600 | $496,600 | $651,600 |
| Second mortgage | — | $155,000 | — |
| First P&I | $2,381.43 | $2,381.43 | $4,511.55 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $130.32 |
| Taxes, insurance & HOA | $820.83 | $820.83 | $820.83 |
| Total housing payment | $3,202.27 | $4,339.60 | $5,462.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,400
Closing costs & prepaids$19,087
Usable credit−$0
Total buyer cash needed$92,487
Earnest money paid−$0
Remaining funds due$92,487
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,483.00
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)$1,812.50
Prepaid interest, first (1 days)$39.32
Prepaid interest, second (1 days)$33.97
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$90,420Through Nov 2026
Assumption only · ends Jan 2051$194,015
Assumption + second · ends Jan 2051, second Dec 2056$448,456
New conventional · ends Dec 2056$988,065