Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,758/mo
Lowest payment- Down payment
- $547,456
- Funds due
- $567,140
- Interest + MI left
- $186,371
- First ends
- Sep 2051
Assumption
Assumption + second
$5,960/mo
+$3,202/mo- Down payment
- $100,456
- Funds due
- $121,485
- Interest + MI left
- $892,221
- First ends
- Sep 2051
New loan
New conventional
$7,003/mo
+$4,245/mo- Down payment
- $100,456
- Funds due
- $116,250
- Interest + MI left
- $1,356,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,544 | $447,544 | $894,544 |
| Second mortgage | — | $447,000 | — |
| First P&I | $2,127.23 | $2,127.23 | $6,193.64 |
| Second P&I | — | $3,202.36 | — |
| Mortgage insurance | — | — | $178.91 |
| Taxes, insurance & HOA | $630.67 | $630.67 | $630.67 |
| Total housing payment | $2,757.90 | $5,960.26 | $7,003.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,456
Closing costs & prepaids$21,029
Usable credit−$0
Total buyer cash needed$121,485
Earnest money paid−$0
Remaining funds due$121,485
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,237.72
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)$870.00
Initial HOA (3 months)$372.00
Prepaid interest, first (1 days)$36.54
Prepaid interest, second (1 days)$94.91
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$73,583Through Nov 2026
Assumption only · ends Sep 2051$186,371
Assumption + second · ends Sep 2051, second Dec 2056$892,221
New conventional · ends Dec 2056$1,356,636