Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $601,543
- Funds due
- $617,996
- Interest + MI left
- $104,245
- First ends
- Jan 2051
Assumption
Assumption + second
$5,212/mo
+$3,675/mo- Down payment
- $88,543
- Funds due
- $106,464
- Interest + MI left
- $914,315
- First ends
- Jan 2051
New loan
New conventional
$5,855/mo
+$4,319/mo- Down payment
- $88,543
- Funds due
- $102,203
- Interest + MI left
- $1,200,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,457 | $278,457 | $791,457 |
| Second mortgage | — | $513,000 | — |
| First P&I | $1,319.66 | $1,319.66 | $5,479.89 |
| Second P&I | — | $3,675.19 | — |
| Mortgage insurance | — | — | $158.29 |
| Taxes, insurance & HOA | $216.67 | $216.67 | $216.67 |
| Total housing payment | $1,536.33 | $5,211.52 | $5,854.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,543
Closing costs & prepaids$17,921
Usable credit−$0
Total buyer cash needed$106,464
Earnest money paid−$0
Remaining funds due$106,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,392.28
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Prepaid interest, first (2 days)$42.42
Prepaid interest, second (2 days)$217.85
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 2 moOf the original 30-year loan at 2.780%
Interest already paid$48,833Through Nov 2026
Assumption only · ends Jan 2051$104,245
Assumption + second · ends Jan 2051, second Dec 2056$914,315
New conventional · ends Dec 2056$1,200,298