Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,864/mo
Lowest payment- Down payment
- $474,258
- Funds due
- $490,420
- Interest + MI left
- $111,033
- First ends
- Feb 2051
Assumption
Assumption + second
$4,708/mo
+$2,844/mo- Down payment
- $77,258
- Funds due
- $94,839
- Interest + MI left
- $737,930
- First ends
- Feb 2051
New loan
New conventional
$5,379/mo
+$3,515/mo- Down payment
- $77,258
- Funds due
- $90,639
- Interest + MI left
- $1,041,353
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,742 | $289,742 | $686,742 |
| Second mortgage | — | $397,000 | — |
| First P&I | $1,377.23 | $1,377.23 | $4,754.86 |
| Second P&I | — | $2,844.16 | — |
| Mortgage insurance | — | — | $137.35 |
| Taxes, insurance & HOA | $486.83 | $486.83 | $486.83 |
| Total housing payment | $1,864.07 | $4,708.22 | $5,379.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,258
Closing costs & prepaids$17,581
Usable credit−$0
Total buyer cash needed$94,839
Earnest money paid−$0
Remaining funds due$94,839
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,448.71
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)$810.50
Prepaid interest, first (2 days)$44.93
Prepaid interest, second (2 days)$168.59
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 3 moOf the original 30-year loan at 2.830%
Interest already paid$50,889Through Nov 2026
Assumption only · ends Feb 2051$111,033
Assumption + second · ends Feb 2051, second Dec 2056$737,930
New conventional · ends Dec 2056$1,041,353