Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,651/mo
Lowest payment- Down payment
- $430,961
- Funds due
- $449,232
- Interest + MI left
- $162,704
- First ends
- Jan 2051
Assumption
Assumption + second
$5,130/mo
+$2,479/mo- Down payment
- $84,961
- Funds due
- $104,923
- Interest + MI left
- $709,067
- First ends
- Jan 2051
New loan
New conventional
$5,970/mo
+$3,319/mo- Down payment
- $84,961
- Funds due
- $100,202
- Interest + MI left
- $1,117,151
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,039 | $418,039 | $764,039 |
| Second mortgage | — | $346,000 | — |
| First P&I | $2,009.49 | $2,009.49 | $5,175.87 |
| Second P&I | — | $2,478.79 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $641.25 | $641.25 | $641.25 |
| Total housing payment | $2,650.74 | $5,129.53 | $5,969.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,961
Closing costs & prepaids$19,961
Usable credit−$0
Total buyer cash needed$104,923
Earnest money paid−$0
Remaining funds due$104,923
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,090.19
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)$1,018.75
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$198.60
Prepaid interest, second (6 days)$440.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 2.89%
Interest already paid$77,307Through Dec 2026
Assumption only · ends Jan 2051$162,704
Assumption + second · ends Jan 2051, second Jan 2057$709,067
New conventional · ends Jan 2057$1,117,151