Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
Lowest payment- Down payment
- $546,818
- Funds due
- $564,539
- Interest + MI left
- $98,762
- First ends
- Nov 2051
Assumption
Assumption + second
$5,314/mo
+$3,303/mo- Down payment
- $85,818
- Funds due
- $105,475
- Interest + MI left
- $826,720
- First ends
- Nov 2051
New loan
New conventional
$5,996/mo
+$3,985/mo- Down payment
- $85,818
- Funds due
- $101,287
- Interest + MI left
- $1,117,214
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,082 | $303,082 | $764,082 |
| Second mortgage | — | $461,000 | — |
| First P&I | $1,343.96 | $1,343.96 | $5,176.16 |
| Second P&I | — | $3,302.66 | — |
| Mortgage insurance | — | — | $152.82 |
| Taxes, insurance & HOA | $667.00 | $667.00 | $667.00 |
| Total housing payment | $2,010.96 | $5,313.62 | $5,995.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,818
Closing costs & prepaids$19,657
Usable credit−$0
Total buyer cash needed$105,475
Earnest money paid−$0
Remaining funds due$105,475
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%)$1,515.41
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)$330.99
Prepaid interest, first (7 days)$138.05
Prepaid interest, second (7 days)$685.18
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 11 moOf the original 30-year loan at 2.375%
Interest already paid$39,264Through Dec 2026
Assumption only · ends Nov 2051$98,762
Assumption + second · ends Nov 2051, second Jan 2057$826,720
New conventional · ends Jan 2057$1,117,214