Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,987/mo
Lowest payment- Down payment
- $286,451
- Funds due
- $304,241
- Interest + MI left
- $199,130
- First ends
- Aug 2051
Assumption
Assumption + second
$4,485/mo
+$1,497/mo- Down payment
- $77,451
- Funds due
- $96,536
- Interest + MI left
- $529,159
- First ends
- Aug 2051
New loan
New conventional
$5,622/mo
+$2,635/mo- Down payment
- $77,451
- Funds due
- $91,358
- Interest + MI left
- $1,050,297
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,549 | $483,549 | $692,549 |
| Second mortgage | — | $209,000 | — |
| First P&I | $2,298.58 | $2,298.58 | $4,795.07 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $138.51 |
| Taxes, insurance & HOA | $688.67 | $688.67 | $688.67 |
| Total housing payment | $2,987.25 | $4,484.55 | $5,622.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,451
Closing costs & prepaids$19,085
Usable credit−$0
Total buyer cash needed$96,536
Earnest money paid−$0
Remaining funds due$96,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,417.75
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)$1,116.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$39.21
Prepaid interest, second (1 days)$44.38
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$80,360Through Nov 2026
Assumption only · ends Aug 2051$199,130
Assumption + second · ends Aug 2051, second Dec 2056$529,159
New conventional · ends Dec 2056$1,050,297