Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,132/mo
Lowest payment- Down payment
- $275,111
- Funds due
- $293,118
- Interest + MI left
- $200,652
- First ends
- Jun 2051
Assumption
Assumption + second
$4,564/mo
+$1,433/mo- Down payment
- $75,111
- Funds due
- $94,411
- Interest + MI left
- $516,469
- First ends
- Jun 2051
New loan
New conventional
$5,649/mo
+$2,518/mo- Down payment
- $75,111
- Funds due
- $89,297
- Interest + MI left
- $1,023,515
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,889 | $474,889 | $674,889 |
| Second mortgage | — | $200,000 | — |
| First P&I | $2,289.97 | $2,289.97 | $4,672.80 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | — | — | $134.98 |
| Taxes, insurance & HOA | $841.67 | $841.67 | $841.67 |
| Total housing payment | $3,131.63 | $4,564.46 | $5,649.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,111
Closing costs & prepaids$19,300
Usable credit−$0
Total buyer cash needed$94,411
Earnest money paid−$0
Remaining funds due$94,411
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,374.44
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)$1,875.00
Prepaid interest, first (1 days)$39.68
Prepaid interest, second (1 days)$42.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.050%
Interest already paid$84,039Through Nov 2026
Assumption only · ends Jun 2051$200,652
Assumption + second · ends Jun 2051, second Dec 2056$516,469
New conventional · ends Dec 2056$1,023,515