Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $407,115
- Funds due
- $423,728
- Interest + MI left
- $140,248
- First ends
- Apr 2051
Assumption
Assumption + second
$4,534/mo
+$2,350/mo- Down payment
- $79,115
- Funds due
- $97,117
- Interest + MI left
- $658,187
- First ends
- Apr 2051
New loan
New conventional
$5,445/mo
+$3,260/mo- Down payment
- $79,115
- Funds due
- $92,484
- Interest + MI left
- $1,070,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,885 | $377,885 | $705,885 |
| Second mortgage | — | $328,000 | — |
| First P&I | $1,768.37 | $1,768.37 | $4,887.41 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | — | — | $141.18 |
| Taxes, insurance & HOA | $416.25 | $416.25 | $416.25 |
| Total housing payment | $2,184.62 | $4,534.45 | $5,444.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,115
Closing costs & prepaids$18,002
Usable credit−$0
Total buyer cash needed$97,117
Earnest money paid−$0
Remaining funds due$97,117
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,889.42
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)$598.75
Prepaid interest, first (2 days)$56.53
Prepaid interest, second (2 days)$139.29
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 closing24 yr 5 moOf the original 30-year loan at 2.730%
Interest already paid$62,071Through Nov 2026
Assumption only · ends Apr 2051$140,248
Assumption + second · ends Apr 2051, second Dec 2056$658,187
New conventional · ends Dec 2056$1,070,522