Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,512/mo
Lowest payment- Down payment
- $596,402
- Funds due
- $615,794
- Interest + MI left
- $164,562
- First ends
- Jul 2051
Assumption
Assumption + second
$6,066/mo
+$3,553/mo- Down payment
- $100,402
- Funds due
- $121,150
- Interest + MI left
- $947,787
- First ends
- Jul 2051
New loan
New conventional
$6,998/mo
+$4,485/mo- Down payment
- $100,402
- Funds due
- $116,134
- Interest + MI left
- $1,362,784
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,598 | $402,598 | $898,598 |
| Second mortgage | — | $496,000 | — |
| First P&I | $1,916.08 | $1,916.08 | $6,221.71 |
| Second P&I | — | $3,553.40 | — |
| Mortgage insurance | — | — | $179.72 |
| Taxes, insurance & HOA | $596.17 | $596.17 | $596.17 |
| Total housing payment | $2,512.25 | $6,065.65 | $6,997.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,402
Closing costs & prepaids$20,747
Usable credit−$0
Total buyer cash needed$121,150
Earnest money paid−$0
Remaining funds due$121,150
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,012.99
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)$1,097.25
Initial HOA (3 months)$41.25
Prepaid interest, first (1 days)$32.54
Prepaid interest, second (1 days)$105.32
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 8 moOf the original 30-year loan at 2.950%
Interest already paid$67,833Through Nov 2026
Assumption only · ends Jul 2051$164,562
Assumption + second · ends Jul 2051, second Dec 2056$947,787
New conventional · ends Dec 2056$1,362,784