Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,536/mo
Lowest payment- Down payment
- $524,602
- Funds due
- $546,506
- Interest + MI left
- $171,193
- First ends
- Nov 2051
Assumption
Assumption + second
$6,609/mo
+$3,073/mo- Down payment
- $95,602
- Funds due
- $118,938
- Interest + MI left
- $848,620
- First ends
- Nov 2051
New loan
New conventional
$7,634/mo
+$4,098/mo- Down payment
- $95,602
- Funds due
- $113,909
- Interest + MI left
- $1,295,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,397 | $425,397 | $854,397 |
| Second mortgage | — | $429,000 | — |
| First P&I | $1,988.63 | $1,988.63 | $5,915.67 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | — | — | $170.88 |
| Taxes, insurance & HOA | $1,547.17 | $1,547.17 | $1,547.17 |
| Total housing payment | $3,535.80 | $6,609.21 | $7,633.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,602
Closing costs & prepaids$23,336
Usable credit−$0
Total buyer cash needed$118,938
Earnest money paid−$0
Remaining funds due$118,938
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,126.98
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)$3,991.50
Prepaid interest, first (2 days)$66.90
Prepaid interest, second (2 days)$182.18
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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$65,093Through Nov 2026
Assumption only · ends Nov 2051$171,193
Assumption + second · ends Nov 2051, second Dec 2056$848,620
New conventional · ends Dec 2056$1,295,751