Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,857/mo
Lowest payment- Down payment
- $401,047
- Funds due
- $422,722
- Interest + MI left
- $292,676
- First ends
- Jun 2051
Assumption
Assumption + second
$5,978/mo
+$2,121/mo- Down payment
- $105,047
- Funds due
- $128,412
- Interest + MI left
- $760,085
- First ends
- Jun 2051
New loan
New conventional
$7,241/mo
+$3,384/mo- Down payment
- $105,047
- Funds due
- $122,535
- Interest + MI left
- $1,380,215
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $647,953 | $647,953 | $943,953 |
| Second mortgage | — | $296,000 | — |
| First P&I | $3,199.42 | $3,199.42 | $6,394.67 |
| Second P&I | — | $2,120.58 | — |
| Mortgage insurance | — | — | $188.79 |
| Taxes, insurance & HOA | $657.92 | $657.92 | $657.92 |
| Total housing payment | $3,857.34 | $5,977.92 | $7,241.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,047
Closing costs & prepaids$23,365
Usable credit−$0
Total buyer cash needed$128,412
Earnest money paid−$0
Remaining funds due$128,412
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,239.76
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)$1,258.75
Initial HOA (3 months)$65.01
Prepaid interest, first (7 days)$403.86
Prepaid interest, second (7 days)$439.95
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 6 moOf the original 30-year loan at 3.25%
Interest already paid$123,965Through Dec 2026
Assumption only · ends Jun 2051$292,676
Assumption + second · ends Jun 2051, second Jan 2057$760,085
New conventional · ends Jan 2057$1,380,215