Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,544/mo
Lowest payment- Down payment
- $477,799
- Funds due
- $496,033
- Interest + MI left
- $113,463
- First ends
- Jan 2051
Assumption
Assumption + second
$5,410/mo
+$2,866/mo- Down payment
- $77,799
- Funds due
- $97,453
- Interest + MI left
- $745,096
- First ends
- Jan 2051
New loan
New conventional
$6,095/mo
+$3,551/mo- Down payment
- $77,799
- Funds due
- $93,213
- Interest + MI left
- $1,057,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,201 | $297,201 | $697,201 |
| Second mortgage | — | $400,000 | — |
| First P&I | $1,416.08 | $1,416.08 | $4,827.28 |
| Second P&I | — | $2,865.65 | — |
| Mortgage insurance | — | — | $139.44 |
| Taxes, insurance & HOA | $1,128.17 | $1,128.17 | $1,128.17 |
| Total housing payment | $2,544.25 | $5,409.90 | $6,094.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,799
Closing costs & prepaids$19,654
Usable credit−$0
Total buyer cash needed$97,453
Earnest money paid−$0
Remaining funds due$97,453
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,486.01
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)$2,734.50
Prepaid interest, first (2 days)$46.09
Prepaid interest, second (2 days)$169.86
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$53,027Through Nov 2026
Assumption only · ends Jan 2051$113,463
Assumption + second · ends Jan 2051, second Dec 2056$745,096
New conventional · ends Dec 2056$1,057,352