Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,505/mo
Lowest payment- Down payment
- $273,496
- Funds due
- $289,759
- Interest + MI left
- $174,618
- First ends
- Oct 2051
Assumption
Assumption + second
$3,952/mo
+$1,447/mo- Down payment
- $71,496
- Funds due
- $89,052
- Interest + MI left
- $493,593
- First ends
- Oct 2051
New loan
New conventional
$5,006/mo
+$2,501/mo- Down payment
- $71,496
- Funds due
- $84,168
- Interest + MI left
- $966,818
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,504 | $435,504 | $637,504 |
| Second mortgage | — | $202,000 | — |
| First P&I | $2,040.54 | $2,040.54 | $4,413.95 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $127.50 |
| Taxes, insurance & HOA | $464.25 | $464.25 | $464.25 |
| Total housing payment | $2,504.79 | $3,951.94 | $5,005.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,496
Closing costs & prepaids$17,555
Usable credit−$0
Total buyer cash needed$89,052
Earnest money paid−$0
Remaining funds due$89,052
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,177.52
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)$556.75
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$34.24
Prepaid interest, second (1 days)$42.89
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$67,836Through Nov 2026
Assumption only · ends Oct 2051$174,618
Assumption + second · ends Oct 2051, second Dec 2056$493,593
New conventional · ends Dec 2056$966,818