Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,703/mo
Lowest payment- Down payment
- $406,982
- Funds due
- $425,347
- Interest + MI left
- $186,562
- First ends
- Aug 2051
Assumption
Assumption + second
$5,002/mo
+$2,300/mo- Down payment
- $85,982
- Funds due
- $106,211
- Interest + MI left
- $693,448
- First ends
- Aug 2051
New loan
New conventional
$5,922/mo
+$3,220/mo- Down payment
- $85,982
- Funds due
- $101,485
- Interest + MI left
- $1,124,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,018 | $448,018 | $769,018 |
| Second mortgage | — | $321,000 | — |
| First P&I | $2,143.85 | $2,143.85 | $5,209.60 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $153.80 |
| Taxes, insurance & HOA | $558.67 | $558.67 | $558.67 |
| Total housing payment | $2,702.52 | $5,002.20 | $5,922.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,982
Closing costs & prepaids$20,229
Usable credit−$0
Total buyer cash needed$106,211
Earnest money paid−$0
Remaining funds due$106,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,240.09
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)$1,026.00
Prepaid interest, first (9 days)$331.41
Prepaid interest, second (9 days)$613.42
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 3%
Interest already paid$76,726Through Dec 2026
Assumption only · ends Aug 2051$186,562
Assumption + second · ends Aug 2051, second Jan 2057$693,448
New conventional · ends Jan 2057$1,124,432