Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $488,991
- Funds due
- $506,835
- Interest + MI left
- $98,087
- First ends
- Jun 2043
Assumption
Assumption + second
$5,873/mo
+$2,930/mo- Down payment
- $79,991
- Funds due
- $99,259
- Interest + MI left
- $743,932
- First ends
- Jun 2043
New loan
New conventional
$6,006/mo
+$3,063/mo- Down payment
- $79,991
- Funds due
- $94,944
- Interest + MI left
- $1,084,359
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,009 | $306,009 | $715,009 |
| Second mortgage | — | $409,000 | — |
| First P&I | $2,030.63 | $2,030.63 | $4,950.58 |
| Second P&I | — | $2,930.13 | — |
| Mortgage insurance | — | — | $143.00 |
| Taxes, insurance & HOA | $912.50 | $912.50 | $912.50 |
| Total housing payment | $2,943.13 | $5,873.26 | $6,006.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,991
Closing costs & prepaids$19,268
Usable credit−$0
Total buyer cash needed$99,259
Earnest money paid−$0
Remaining funds due$99,259
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,530.05
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)$2,087.50
Prepaid interest, first (2 days)$58.85
Prepaid interest, second (2 days)$173.68
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 closing16 yr 7 moOf the original 30-year loan at 3.510%
Interest already paid$181,291Through Nov 2026
Assumption only · ends Jun 2043$98,087
Assumption + second · ends Jun 2043, second Dec 2056$743,932
New conventional · ends Dec 2056$1,084,359