Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,595/mo
Lowest payment- Down payment
- $597,971
- Funds due
- $614,525
- Interest + MI left
- $85,313
- First ends
- Feb 2051
Assumption
Assumption + second
$5,285/mo
+$3,690/mo- Down payment
- $82,971
- Funds due
- $100,994
- Interest + MI left
- $898,541
- First ends
- Feb 2051
New loan
New conventional
$5,808/mo
+$4,213/mo- Down payment
- $82,971
- Funds due
- $97,033
- Interest + MI left
- $1,125,337
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,029 | $227,029 | $742,029 |
| Second mortgage | — | $515,000 | — |
| First P&I | $1,073.34 | $1,073.34 | $5,137.66 |
| Second P&I | — | $3,689.52 | — |
| Mortgage insurance | — | — | $148.41 |
| Taxes, insurance & HOA | $521.92 | $521.92 | $521.92 |
| Total housing payment | $1,595.25 | $5,284.78 | $5,807.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,971
Closing costs & prepaids$18,022
Usable credit−$0
Total buyer cash needed$100,994
Earnest money paid−$0
Remaining funds due$100,994
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,135.14
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)$915.75
Prepaid interest, first (2 days)$34.58
Prepaid interest, second (2 days)$218.70
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 3 moOf the original 30-year loan at 2.780%
Interest already paid$39,192Through Nov 2026
Assumption only · ends Feb 2051$85,313
Assumption + second · ends Feb 2051, second Dec 2056$898,541
New conventional · ends Dec 2056$1,125,337