Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,703/mo
Lowest payment- Down payment
- $462,094
- Funds due
- $480,949
- Interest + MI left
- $175,246
- First ends
- Aug 2051
Assumption
Assumption + second
$5,368/mo
+$2,665/mo- Down payment
- $90,094
- Funds due
- $110,673
- Interest + MI left
- $762,665
- First ends
- Aug 2051
New loan
New conventional
$6,276/mo
+$3,574/mo- Down payment
- $90,094
- Funds due
- $105,817
- Interest + MI left
- $1,182,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,906 | $436,906 | $808,906 |
| Second mortgage | — | $372,000 | — |
| First P&I | $2,068.08 | $2,068.08 | $5,479.81 |
| Second P&I | — | $2,665.05 | — |
| Mortgage insurance | — | — | $161.78 |
| Taxes, insurance & HOA | $634.58 | $634.58 | $634.58 |
| Total housing payment | $2,702.66 | $5,367.71 | $6,276.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,094
Closing costs & prepaids$20,578
Usable credit−$0
Total buyer cash needed$110,673
Earnest money paid−$0
Remaining funds due$110,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,184.53
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)$1,078.75
Initial HOA (3 months)$174.99
Prepaid interest, first (6 days)$208.28
Prepaid interest, second (6 days)$473.92
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 8 moOf the original 30-year loan at 2.9%
Interest already paid$72,403Through Dec 2026
Assumption only · ends Aug 2051$175,246
Assumption + second · ends Aug 2051, second Jan 2057$762,665
New conventional · ends Jan 2057$1,182,754