Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,497/mo
Lowest payment- Down payment
- $487,888
- Funds due
- $506,197
- Interest + MI left
- $144,100
- First ends
- Apr 2051
Assumption
Assumption + second
$5,362/mo
+$2,866/mo- Down payment
- $87,888
- Funds due
- $107,532
- Interest + MI left
- $775,733
- First ends
- Apr 2051
New loan
New conventional
$6,272/mo
+$3,776/mo- Down payment
- $87,888
- Funds due
- $102,744
- Interest + MI left
- $1,185,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,112 | $382,112 | $782,112 |
| Second mortgage | — | $400,000 | — |
| First P&I | $1,795.94 | $1,795.94 | $5,415.19 |
| Second P&I | — | $2,865.65 | — |
| Mortgage insurance | — | — | $156.42 |
| Taxes, insurance & HOA | $700.58 | $700.58 | $700.58 |
| Total housing payment | $2,496.53 | $5,362.18 | $6,272.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,888
Closing costs & prepaids$19,644
Usable credit−$0
Total buyer cash needed$107,532
Earnest money paid−$0
Remaining funds due$107,532
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,910.56
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)$944.75
Initial HOA (3 months)$507.00
Prepaid interest, first (1 days)$29.00
Prepaid interest, second (1 days)$84.93
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$63,657Through Nov 2026
Assumption only · ends Apr 2051$144,100
Assumption + second · ends Apr 2051, second Dec 2056$775,733
New conventional · ends Dec 2056$1,185,969