Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,596/mo
Lowest payment- Down payment
- $480,607
- Funds due
- $499,015
- Interest + MI left
- $148,186
- First ends
- Dec 2050
Assumption
Assumption + second
$5,419/mo
+$2,823/mo- Down payment
- $86,607
- Funds due
- $106,348
- Interest + MI left
- $770,345
- First ends
- Dec 2050
New loan
New conventional
$6,280/mo
+$3,684/mo- Down payment
- $86,607
- Funds due
- $101,585
- Interest + MI left
- $1,172,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $379,293 | $379,293 | $773,293 |
| Second mortgage | — | $394,000 | — |
| First P&I | $1,825.19 | $1,825.19 | $5,354.12 |
| Second P&I | — | $2,822.66 | — |
| Mortgage insurance | — | — | $154.66 |
| Taxes, insurance & HOA | $771.17 | $771.17 | $771.17 |
| Total housing payment | $2,596.35 | $5,419.02 | $6,279.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,607
Closing costs & prepaids$19,741
Usable credit−$0
Total buyer cash needed$106,348
Earnest money paid−$0
Remaining funds due$106,348
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,896.46
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)$1,663.50
Prepaid interest, first (1 days)$30.14
Prepaid interest, second (1 days)$83.66
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 1 moOf the original 30-year loan at 2.900%
Interest already paid$70,377Through Nov 2026
Assumption only · ends Dec 2050$148,186
Assumption + second · ends Dec 2050, second Dec 2056$770,345
New conventional · ends Dec 2056$1,172,751