Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $476,844
- Funds due
- $491,695
- Interest + MI left
- $81,655
- First ends
- Feb 2051
Assumption
Assumption + second
$4,555/mo
+$2,916/mo- Down payment
- $69,844
- Funds due
- $86,031
- Interest + MI left
- $724,342
- First ends
- Feb 2051
New loan
New conventional
$5,062/mo
+$3,423/mo- Down payment
- $69,844
- Funds due
- $82,223
- Interest + MI left
- $948,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,156 | $218,156 | $625,156 |
| Second mortgage | — | $407,000 | — |
| First P&I | $1,030.28 | $1,030.28 | $4,328.45 |
| Second P&I | — | $2,915.80 | — |
| Mortgage insurance | — | — | $125.03 |
| Taxes, insurance & HOA | $608.50 | $608.50 | $608.50 |
| Total housing payment | $1,638.78 | $4,554.57 | $5,061.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,844
Closing costs & prepaids$16,187
Usable credit−$0
Total buyer cash needed$86,031
Earnest money paid−$0
Remaining funds due$86,031
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,090.78
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,073.50
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$16.56
Prepaid interest, second (1 days)$86.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 2.770%
Interest already paid$37,529Through Nov 2026
Assumption only · ends Feb 2051$81,655
Assumption + second · ends Feb 2051, second Dec 2056$724,342
New conventional · ends Dec 2056$948,091