Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,573/mo
Lowest payment- Down payment
- $405,961
- Funds due
- $423,684
- Interest + MI left
- $187,685
- First ends
- Aug 2051
Assumption
Assumption + second
$4,865/mo
+$2,293/mo- Down payment
- $85,961
- Funds due
- $105,069
- Interest + MI left
- $692,992
- First ends
- Aug 2051
New loan
New conventional
$5,907/mo
+$3,335/mo- Down payment
- $85,961
- Funds due
- $100,024
- Interest + MI left
- $1,166,299
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,039 | $449,039 | $769,039 |
| Second mortgage | — | $320,000 | — |
| First P&I | $2,143.85 | $2,143.85 | $5,324.67 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | — | — | $153.81 |
| Taxes, insurance & HOA | $428.67 | $428.67 | $428.67 |
| Total housing payment | $2,572.52 | $4,865.04 | $5,907.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,961
Closing costs & prepaids$19,109
Usable credit−$0
Total buyer cash needed$105,069
Earnest money paid−$0
Remaining funds due$105,069
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%)$2,245.20
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)$636.00
Prepaid interest, first (2 days)$73.81
Prepaid interest, second (2 days)$135.89
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 9 moOf the original 30-year loan at 3.000%
Interest already paid$75,603Through Nov 2026
Assumption only · ends Aug 2051$187,685
Assumption + second · ends Aug 2051, second Dec 2056$692,992
New conventional · ends Dec 2056$1,166,299