Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,733/mo
Lowest payment- Down payment
- $398,315
- Funds due
- $416,688
- Interest + MI left
- $164,346
- First ends
- Mar 2051
Assumption
Assumption + second
$4,975/mo
+$2,242/mo- Down payment
- $85,315
- Funds due
- $105,337
- Interest + MI left
- $658,600
- First ends
- Mar 2051
New loan
New conventional
$5,948/mo
+$3,216/mo- Down payment
- $85,315
- Funds due
- $100,486
- Interest + MI left
- $1,117,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,585 | $451,585 | $764,585 |
| Second mortgage | — | $313,000 | — |
| First P&I | $2,116.60 | $2,116.60 | $5,179.57 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $152.92 |
| Taxes, insurance & HOA | $616.00 | $616.00 | $616.00 |
| Total housing payment | $2,732.60 | $4,974.97 | $5,948.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,315
Closing costs & prepaids$20,022
Usable credit−$0
Total buyer cash needed$105,337
Earnest money paid−$0
Remaining funds due$105,337
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,257.93
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)$1,020.00
Initial HOA (3 months)$177.99
Prepaid interest, first (6 days)$200.43
Prepaid interest, second (6 days)$398.75
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 3 moOf the original 30-year loan at 2.7%
Interest already paid$75,783Through Dec 2026
Assumption only · ends Mar 2051$164,346
Assumption + second · ends Mar 2051, second Jan 2057$658,600
New conventional · ends Jan 2057$1,117,950