Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,200/mo
Lowest payment- Down payment
- $222,258
- Funds due
- $240,079
- Interest + MI left
- $216,918
- First ends
- Aug 2051
Assumption
Assumption + second
$4,278/mo
+$1,079/mo- Down payment
- $75,258
- Funds due
- $94,361
- Interest + MI left
- $458,226
- First ends
- Aug 2051
New loan
New conventional
$5,495/mo
+$2,296/mo- Down payment
- $75,258
- Funds due
- $88,994
- Interest + MI left
- $1,021,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,742 | $526,742 | $673,742 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,503.91 | $2,503.91 | $4,664.85 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $134.75 |
| Taxes, insurance & HOA | $695.75 | $695.75 | $695.75 |
| Total housing payment | $3,199.66 | $4,278.29 | $5,495.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,258
Closing costs & prepaids$19,104
Usable credit−$0
Total buyer cash needed$94,361
Earnest money paid−$0
Remaining funds due$94,361
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,633.71
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)$687.25
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$42.72
Prepaid interest, second (1 days)$32.22
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$87,539Through Nov 2026
Assumption only · ends Aug 2051$216,918
Assumption + second · ends Aug 2051, second Dec 2056$458,226
New conventional · ends Dec 2056$1,021,775