Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,967/mo
Lowest payment- Down payment
- $393,032
- Funds due
- $412,189
- Interest + MI left
- $195,863
- First ends
- Nov 2051
Assumption
Assumption + second
$5,137/mo
+$2,171/mo- Down payment
- $90,032
- Funds due
- $110,825
- Interest + MI left
- $674,325
- First ends
- Nov 2051
New loan
New conventional
$6,247/mo
+$3,280/mo- Down payment
- $90,032
- Funds due
- $105,705
- Interest + MI left
- $1,176,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,968 | $501,968 | $804,968 |
| Second mortgage | — | $303,000 | — |
| First P&I | $2,333.88 | $2,333.88 | $5,453.13 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $160.99 |
| Taxes, insurance & HOA | $632.67 | $632.67 | $632.67 |
| Total housing payment | $2,966.55 | $5,137.28 | $6,246.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,032
Closing costs & prepaids$20,793
Usable credit−$0
Total buyer cash needed$110,825
Earnest money paid−$0
Remaining funds due$110,825
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,509.84
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)$1,074.00
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$231.04
Prepaid interest, second (6 days)$386.01
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 11 moOf the original 30-year loan at 2.8%
Interest already paid$76,334Through Dec 2026
Assumption only · ends Nov 2051$195,863
Assumption + second · ends Nov 2051, second Jan 2057$674,325
New conventional · ends Jan 2057$1,176,996