Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $642,368
- Funds due
- $660,886
- Interest + MI left
- $129,736
- First ends
- Dec 2051
Assumption
Assumption + second
$5,977/mo
+$3,912/mo- Down payment
- $96,368
- Funds due
- $116,252
- Interest + MI left
- $991,916
- First ends
- Dec 2051
New loan
New conventional
$6,731/mo
+$4,666/mo- Down payment
- $96,368
- Funds due
- $111,692
- Interest + MI left
- $1,309,604
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,532 | $317,532 | $863,532 |
| Second mortgage | — | $546,000 | — |
| First P&I | $1,485.94 | $1,485.94 | $5,978.92 |
| Second P&I | — | $3,911.61 | — |
| Mortgage insurance | — | — | $172.71 |
| Taxes, insurance & HOA | $579.42 | $579.42 | $579.42 |
| Total housing payment | $2,065.36 | $5,976.97 | $6,731.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,368
Closing costs & prepaids$19,884
Usable credit−$0
Total buyer cash needed$116,252
Earnest money paid−$0
Remaining funds due$116,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,587.66
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)$1,031.25
Initial HOA (3 months)$57.00
Prepaid interest, first (1 days)$25.23
Prepaid interest, second (1 days)$115.93
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$48,203Through Nov 2026
Assumption only · ends Dec 2051$129,736
Assumption + second · ends Dec 2051, second Dec 2056$991,916
New conventional · ends Dec 2056$1,309,604