Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $425,952
- Funds due
- $440,432
- Interest + MI left
- $101,879
- First ends
- Jan 2051
Assumption
Assumption + second
$4,221/mo
+$2,550/mo- Down payment
- $69,952
- Funds due
- $85,834
- Interest + MI left
- $664,033
- First ends
- Jan 2051
New loan
New conventional
$4,844/mo
+$3,173/mo- Down payment
- $69,952
- Funds due
- $81,807
- Interest + MI left
- $947,776
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,948 | $268,948 | $624,948 |
| Second mortgage | — | $356,000 | — |
| First P&I | $1,278.71 | $1,278.71 | $4,327.01 |
| Second P&I | — | $2,550.43 | — |
| Mortgage insurance | — | — | $124.99 |
| Taxes, insurance & HOA | $392.33 | $392.33 | $392.33 |
| Total housing payment | $1,671.05 | $4,221.47 | $4,844.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,952
Closing costs & prepaids$15,881
Usable credit−$0
Total buyer cash needed$85,834
Earnest money paid−$0
Remaining funds due$85,834
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,344.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$677.00
Prepaid interest, first (2 days)$41.41
Prepaid interest, second (2 days)$151.18
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 2.810%
Interest already paid$47,658Through Nov 2026
Assumption only · ends Jan 2051$101,879
Assumption + second · ends Jan 2051, second Dec 2056$664,033
New conventional · ends Dec 2056$947,776