Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,452/mo
Lowest payment- Down payment
- $394,183
- Funds due
- $414,825
- Interest + MI left
- $237,400
- First ends
- Sep 2051
Assumption
Assumption + second
$5,573/mo
+$2,121/mo- Down payment
- $98,183
- Funds due
- $120,515
- Interest + MI left
- $704,809
- First ends
- Sep 2051
New loan
New conventional
$6,813/mo
+$3,360/mo- Down payment
- $98,183
- Funds due
- $115,026
- Interest + MI left
- $1,282,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,817 | $580,817 | $876,817 |
| Second mortgage | — | $296,000 | — |
| First P&I | $2,754.94 | $2,754.94 | $5,939.86 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | — | — | $175.36 |
| Taxes, insurance & HOA | $697.34 | $697.34 | $697.34 |
| Total housing payment | $3,452.28 | $5,572.86 | $6,812.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,183
Closing costs & prepaids$22,332
Usable credit−$0
Total buyer cash needed$120,515
Earnest money paid−$0
Remaining funds due$120,515
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,904.08
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)$1,170.00
Initial HOA (3 months)$272.01
Prepaid interest, first (7 days)$327.49
Prepaid interest, second (7 days)$439.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.94%
Interest already paid$95,892Through Dec 2026
Assumption only · ends Sep 2051$237,400
Assumption + second · ends Sep 2051, second Jan 2057$704,809
New conventional · ends Jan 2057$1,282,051