Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,922/mo
Lowest payment- Down payment
- $262,877
- Funds due
- $280,605
- Interest + MI left
- $188,628
- First ends
- Oct 2051
Assumption
Assumption + second
$4,294/mo
+$1,372/mo- Down payment
- $75,877
- Funds due
- $95,142
- Interest + MI left
- $495,598
- First ends
- Oct 2051
New loan
New conventional
$5,356/mo
+$2,434/mo- Down payment
- $75,877
- Funds due
- $90,285
- Interest + MI left
- $985,679
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $487,123 | $487,123 | $674,123 |
| Second mortgage | — | $187,000 | — |
| First P&I | $2,267.62 | $2,267.62 | $4,566.74 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $134.82 |
| Taxes, insurance & HOA | $654.67 | $654.67 | $654.67 |
| Total housing payment | $2,922.29 | $4,294.43 | $5,356.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,877
Closing costs & prepaids$19,265
Usable credit−$0
Total buyer cash needed$95,142
Earnest money paid−$0
Remaining funds due$95,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,435.62
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)$900.00
Initial HOA (3 months)$414.00
Prepaid interest, first (7 days)$260.64
Prepaid interest, second (7 days)$286.90
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 10 moOf the original 30-year loan at 2.79%
Interest already paid$75,127Through Dec 2026
Assumption only · ends Oct 2051$188,628
Assumption + second · ends Oct 2051, second Jan 2057$495,598
New conventional · ends Jan 2057$985,679