Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,253/mo
Lowest payment- Down payment
- $587,306
- Funds due
- $609,011
- Interest + MI left
- $220,734
- First ends
- Apr 2051
Assumption
Assumption + second
$6,627/mo
+$3,374/mo- Down payment
- $116,306
- Funds due
- $139,361
- Interest + MI left
- $964,482
- First ends
- Apr 2051
New loan
New conventional
$7,976/mo
+$4,723/mo- Down payment
- $116,306
- Funds due
- $133,364
- Interest + MI left
- $1,581,316
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,694 | $571,694 | $1,042,694 |
| Second mortgage | — | $471,000 | — |
| First P&I | $2,704.53 | $2,704.53 | $7,219.40 |
| Second P&I | — | $3,374.30 | — |
| Mortgage insurance | — | — | $208.54 |
| Taxes, insurance & HOA | $548.08 | $548.08 | $548.08 |
| Total housing payment | $3,252.61 | $6,626.92 | $7,976.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$116,306
Closing costs & prepaids$23,055
Usable credit−$0
Total buyer cash needed$139,361
Earnest money paid−$0
Remaining funds due$139,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,858.47
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)$994.25
Prepaid interest, first (1 days)$44.33
Prepaid interest, second (1 days)$100.01
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 5 moOf the original 30-year loan at 2.830%
Interest already paid$97,239Through Nov 2026
Assumption only · ends Apr 2051$220,734
Assumption + second · ends Apr 2051, second Dec 2056$964,482
New conventional · ends Dec 2056$1,581,316