Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $452,653
- Funds due
- $470,195
- Interest + MI left
- $136,060
- First ends
- Feb 2051
Assumption
Assumption + second
$4,969/mo
+$2,651/mo- Down payment
- $82,653
- Funds due
- $101,916
- Interest + MI left
- $720,321
- First ends
- Feb 2051
New loan
New conventional
$5,742/mo
+$3,424/mo- Down payment
- $82,653
- Funds due
- $97,424
- Interest + MI left
- $1,085,288
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,247 | $372,247 | $742,247 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,752.78 | $1,752.78 | $5,028.24 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | — | — | $148.45 |
| Taxes, insurance & HOA | $565.67 | $565.67 | $565.67 |
| Total housing payment | $2,318.45 | $4,969.18 | $5,742.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,653
Closing costs & prepaids$19,263
Usable credit−$0
Total buyer cash needed$101,916
Earnest money paid−$0
Remaining funds due$101,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,861.24
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)$990.00
Initial HOA (3 months)$57.00
Prepaid interest, first (6 days)$166.44
Prepaid interest, second (6 days)$471.37
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$63,916Through Dec 2026
Assumption only · ends Feb 2051$136,060
Assumption + second · ends Feb 2051, second Jan 2057$720,321
New conventional · ends Jan 2057$1,085,288