Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,527/mo
Lowest payment- Down payment
- $389,535
- Funds due
- $413,514
- Interest + MI left
- $282,656
- First ends
- Nov 2051
Assumption
Assumption + second
$6,511/mo
+$1,984/mo- Down payment
- $112,535
- Funds due
- $137,882
- Interest + MI left
- $720,062
- First ends
- Nov 2051
New loan
New conventional
$8,326/mo
+$3,800/mo- Down payment
- $112,535
- Funds due
- $131,242
- Interest + MI left
- $1,527,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $730,365 | $730,365 | $1,007,365 |
| Second mortgage | — | $277,000 | — |
| First P&I | $3,376.74 | $3,376.74 | $6,974.79 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $201.47 |
| Taxes, insurance & HOA | $1,149.92 | $1,149.92 | $1,149.92 |
| Total housing payment | $4,526.65 | $6,511.11 | $8,326.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,535
Closing costs & prepaids$25,347
Usable credit−$0
Total buyer cash needed$137,882
Earnest money paid−$0
Remaining funds due$137,882
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,651.83
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)$2,799.75
Prepaid interest, first (2 days)$110.86
Prepaid interest, second (2 days)$117.63
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 2.770%
Interest already paid$107,969Through Nov 2026
Assumption only · ends Nov 2051$282,656
Assumption + second · ends Nov 2051, second Dec 2056$720,062
New conventional · ends Dec 2056$1,527,737