Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,251/mo
Lowest payment- Down payment
- $373,224
- Funds due
- $392,789
- Interest + MI left
- $222,696
- First ends
- Apr 2051
Assumption
Assumption + second
$5,243/mo
+$1,992/mo- Down payment
- $95,224
- Funds due
- $116,098
- Interest + MI left
- $661,681
- First ends
- Apr 2051
New loan
New conventional
$6,612/mo
+$3,361/mo- Down payment
- $95,224
- Funds due
- $110,289
- Interest + MI left
- $1,296,325
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $576,776 | $576,776 | $854,776 |
| Second mortgage | — | $278,000 | — |
| First P&I | $2,728.57 | $2,728.57 | $5,918.30 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $170.96 |
| Taxes, insurance & HOA | $522.92 | $522.92 | $522.92 |
| Total housing payment | $3,251.49 | $5,243.12 | $6,612.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,224
Closing costs & prepaids$20,874
Usable credit−$0
Total buyer cash needed$116,098
Earnest money paid−$0
Remaining funds due$116,098
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,883.88
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)$688.75
Initial HOA (3 months)$230.01
Prepaid interest, first (1 days)$44.72
Prepaid interest, second (1 days)$59.03
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 2.830%
Interest already paid$98,104Through Nov 2026
Assumption only · ends Apr 2051$222,696
Assumption + second · ends Apr 2051, second Dec 2056$661,681
New conventional · ends Dec 2056$1,296,325