Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,299/mo
Lowest payment- Down payment
- $425,185
- Funds due
- $445,780
- Interest + MI left
- $213,993
- First ends
- Oct 2051
Assumption
Assumption + second
$5,642/mo
+$2,343/mo- Down payment
- $98,185
- Funds due
- $120,516
- Interest + MI left
- $730,353
- First ends
- Oct 2051
New loan
New conventional
$6,869/mo
+$3,570/mo- Down payment
- $98,185
- Funds due
- $115,149
- Interest + MI left
- $1,289,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $554,815 | $554,815 | $881,815 |
| Second mortgage | — | $327,000 | — |
| First P&I | $2,579.89 | $2,579.89 | $5,973.72 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | — | — | $176.36 |
| Taxes, insurance & HOA | $719.00 | $719.00 | $719.00 |
| Total housing payment | $3,298.89 | $5,641.56 | $6,869.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,185
Closing costs & prepaids$22,331
Usable credit−$0
Total buyer cash needed$120,516
Earnest money paid−$0
Remaining funds due$120,516
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,774.07
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)$1,176.00
Initial HOA (3 months)$330.99
Prepaid interest, first (7 days)$295.80
Prepaid interest, second (7 days)$486.02
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$85,268Through Dec 2026
Assumption only · ends Oct 2051$213,993
Assumption + second · ends Oct 2051, second Jan 2057$730,353
New conventional · ends Jan 2057$1,289,359