Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
Lowest payment- Down payment
- $643,268
- Funds due
- $664,094
- Interest + MI left
- $168,471
- First ends
- May 2051
Assumption
Assumption + second
$6,655/mo
+$3,854/mo- Down payment
- $105,268
- Funds due
- $128,143
- Interest + MI left
- $1,018,018
- First ends
- May 2051
New loan
New conventional
$7,409/mo
+$4,608/mo- Down payment
- $105,268
- Funds due
- $123,298
- Interest + MI left
- $1,374,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,732 | $401,732 | $939,732 |
| Second mortgage | — | $538,000 | — |
| First P&I | $1,946.09 | $1,946.09 | $6,366.07 |
| Second P&I | — | $3,854.30 | — |
| Mortgage insurance | — | — | $187.95 |
| Taxes, insurance & HOA | $854.67 | $854.67 | $854.67 |
| Total housing payment | $2,800.75 | $6,655.05 | $7,408.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,268
Closing costs & prepaids$22,875
Usable credit−$0
Total buyer cash needed$128,143
Earnest money paid−$0
Remaining funds due$128,143
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,008.66
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)$1,254.00
Initial HOA (3 months)$660.00
Prepaid interest, first (7 days)$234.99
Prepaid interest, second (7 days)$799.63
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 5 moOf the original 30-year loan at 3.05%
Interest already paid$73,468Through Dec 2026
Assumption only · ends May 2051$168,471
Assumption + second · ends May 2051, second Jan 2057$1,018,018
New conventional · ends Jan 2057$1,374,044