Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,890/mo
Lowest payment- Down payment
- $400,498
- Funds due
- $419,415
- Interest + MI left
- $173,335
- First ends
- Apr 2051
Assumption
Assumption + second
$5,125/mo
+$2,235/mo- Down payment
- $88,498
- Funds due
- $109,062
- Interest + MI left
- $666,009
- First ends
- Apr 2051
New loan
New conventional
$6,157/mo
+$3,267/mo- Down payment
- $88,498
- Funds due
- $104,081
- Interest + MI left
- $1,149,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,502 | $474,502 | $786,502 |
| Second mortgage | — | $312,000 | — |
| First P&I | $2,218.62 | $2,218.62 | $5,328.04 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | — | — | $157.30 |
| Taxes, insurance & HOA | $671.67 | $671.67 | $671.67 |
| Total housing payment | $2,890.29 | $5,125.49 | $6,157.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,498
Closing costs & prepaids$20,564
Usable credit−$0
Total buyer cash needed$109,062
Earnest money paid−$0
Remaining funds due$109,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,372.51
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)$1,050.00
Initial HOA (3 months)$315.00
Prepaid interest, first (6 days)$210.60
Prepaid interest, second (6 days)$397.48
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 4 moOf the original 30-year loan at 2.7%
Interest already paid$78,368Through Dec 2026
Assumption only · ends Apr 2051$173,335
Assumption + second · ends Apr 2051, second Jan 2057$666,009
New conventional · ends Jan 2057$1,149,996