Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,530/mo
Lowest payment- Down payment
- $502,186
- Funds due
- $523,746
- Interest + MI left
- $214,023
- First ends
- Jan 2051
Assumption
Assumption + second
$6,374/mo
+$2,844/mo- Down payment
- $105,186
- Funds due
- $128,081
- Interest + MI left
- $840,920
- First ends
- Jan 2051
New loan
New conventional
$7,634/mo
+$4,104/mo- Down payment
- $105,186
- Funds due
- $122,310
- Interest + MI left
- $1,432,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $547,814 | $547,814 | $944,814 |
| Second mortgage | — | $397,000 | — |
| First P&I | $2,627.02 | $2,627.02 | $6,541.70 |
| Second P&I | — | $2,844.16 | — |
| Mortgage insurance | — | — | $188.96 |
| Taxes, insurance & HOA | $903.17 | $903.17 | $903.17 |
| Total housing payment | $3,530.19 | $6,374.35 | $7,633.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,186
Closing costs & prepaids$22,894
Usable credit−$0
Total buyer cash needed$128,081
Earnest money paid−$0
Remaining funds due$128,081
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,739.07
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)$1,402.50
Initial HOA (3 months)$657.00
Prepaid interest, first (1 days)$43.37
Prepaid interest, second (1 days)$84.29
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 2 moOf the original 30-year loan at 2.890%
Interest already paid$99,745Through Nov 2026
Assumption only · ends Jan 2051$214,023
Assumption + second · ends Jan 2051, second Dec 2056$840,920
New conventional · ends Dec 2056$1,432,874