Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,440/mo
Lowest payment- Down payment
- $233,836
- Funds due
- $252,794
- Interest + MI left
- $216,027
- First ends
- Dec 2051
Assumption
Assumption + second
$4,570/mo
+$1,130/mo- Down payment
- $79,836
- Funds due
- $100,111
- Interest + MI left
- $468,826
- First ends
- Dec 2051
New loan
New conventional
$5,934/mo
+$2,494/mo- Down payment
- $79,836
- Funds due
- $94,626
- Interest + MI left
- $1,076,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $556,164 | $556,164 | $710,164 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,565.42 | $2,565.42 | $4,917.03 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $142.03 |
| Taxes, insurance & HOA | $875.00 | $875.00 | $875.00 |
| Total housing payment | $3,440.42 | $4,570.42 | $5,934.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,836
Closing costs & prepaids$20,276
Usable credit−$0
Total buyer cash needed$100,111
Earnest money paid−$0
Remaining funds due$100,111
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,780.82
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)$1,975.00
Prepaid interest, first (2 days)$84.42
Prepaid interest, second (2 days)$67.51
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 closing25 yr 1 moOf the original 30-year loan at 2.770%
Interest already paid$80,744Through Nov 2026
Assumption only · ends Dec 2051$216,027
Assumption + second · ends Dec 2051, second Dec 2056$468,826
New conventional · ends Dec 2056$1,076,869