Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,357/mo
Lowest payment- Down payment
- $330,080
- Funds due
- $350,036
- Interest + MI left
- $225,072
- First ends
- Aug 2051
Assumption
Assumption + second
$5,055/mo
+$1,698/mo- Down payment
- $93,080
- Funds due
- $114,739
- Interest + MI left
- $599,315
- First ends
- Aug 2051
New loan
New conventional
$6,389/mo
+$3,032/mo- Down payment
- $93,080
- Funds due
- $109,407
- Interest + MI left
- $1,216,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $594,920 | $594,920 | $831,920 |
| Second mortgage | — | $237,000 | — |
| First P&I | $2,770.24 | $2,770.24 | $5,635.72 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $166.38 |
| Taxes, insurance & HOA | $586.67 | $586.67 | $586.67 |
| Total housing payment | $3,356.91 | $5,054.81 | $6,388.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,080
Closing costs & prepaids$21,659
Usable credit−$0
Total buyer cash needed$114,739
Earnest money paid−$0
Remaining funds due$114,739
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,974.60
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)$1,110.00
Prepaid interest, first (9 days)$403.40
Prepaid interest, second (9 days)$452.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 2.75%
Interest already paid$93,636Through Dec 2026
Assumption only · ends Aug 2051$225,072
Assumption + second · ends Aug 2051, second Jan 2057$599,315
New conventional · ends Jan 2057$1,216,405