Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,744/mo
Lowest payment- Down payment
- $303,712
- Funds due
- $324,386
- Interest + MI left
- $229,884
- First ends
- Nov 2051
Assumption
Assumption + second
$5,270/mo
+$1,526/mo- Down payment
- $90,712
- Funds due
- $112,817
- Interest + MI left
- $566,229
- First ends
- Nov 2051
New loan
New conventional
$6,587/mo
+$2,843/mo- Down payment
- $90,712
- Funds due
- $107,154
- Interest + MI left
- $1,169,231
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $596,188 | $596,188 | $809,188 |
| Second mortgage | — | $213,000 | — |
| First P&I | $2,762.78 | $2,762.78 | $5,443.46 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $161.84 |
| Taxes, insurance & HOA | $981.58 | $981.58 | $981.58 |
| Total housing payment | $3,744.37 | $5,270.33 | $6,586.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,712
Closing costs & prepaids$22,105
Usable credit−$0
Total buyer cash needed$112,817
Earnest money paid−$0
Remaining funds due$112,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,980.94
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)$2,294.75
Prepaid interest, first (4 days)$180.98
Prepaid interest, second (4 days)$180.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 2.77%
Interest already paid$89,718Through Dec 2026
Assumption only · ends Nov 2051$229,884
Assumption + second · ends Nov 2051, second Jan 2057$566,229
New conventional · ends Jan 2057$1,169,231