Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,493/mo
Lowest payment- Down payment
- $526,515
- Funds due
- $542,029
- Interest + MI left
- $83,612
- First ends
- Feb 2051
Assumption
Assumption + second
$4,724/mo
+$3,231/mo- Down payment
- $75,515
- Funds due
- $92,375
- Interest + MI left
- $795,779
- First ends
- Feb 2051
New loan
New conventional
$5,242/mo
+$3,749/mo- Down payment
- $75,515
- Funds due
- $88,485
- Interest + MI left
- $1,022,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,385 | $223,385 | $674,385 |
| Second mortgage | — | $451,000 | — |
| First P&I | $1,054.97 | $1,054.97 | $4,669.31 |
| Second P&I | — | $3,231.02 | — |
| Mortgage insurance | — | — | $134.88 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $1,492.97 | $4,723.99 | $5,242.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,515
Closing costs & prepaids$16,861
Usable credit−$0
Total buyer cash needed$92,375
Earnest money paid−$0
Remaining funds due$92,375
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,116.93
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)$664.00
Prepaid interest, first (1 days)$16.95
Prepaid interest, second (1 days)$95.76
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$38,429Through Nov 2026
Assumption only · ends Feb 2051$83,612
Assumption + second · ends Feb 2051, second Dec 2056$795,779
New conventional · ends Dec 2056$1,022,750