Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,230/mo
Lowest payment- Down payment
- $373,946
- Funds due
- $393,507
- Interest + MI left
- $217,238
- First ends
- Apr 2051
Assumption
Assumption + second
$5,222/mo
+$1,992/mo- Down payment
- $95,946
- Funds due
- $116,816
- Interest + MI left
- $656,223
- First ends
- Apr 2051
New loan
New conventional
$6,607/mo
+$3,377/mo- Down payment
- $95,946
- Funds due
- $111,003
- Interest + MI left
- $1,295,058
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $576,053 | $576,053 | $854,053 |
| Second mortgage | — | $278,000 | — |
| First P&I | $2,707.48 | $2,707.48 | $5,913.29 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | — | — | $170.81 |
| Taxes, insurance & HOA | $522.92 | $522.92 | $522.92 |
| Total housing payment | $3,230.40 | $5,222.02 | $6,607.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,946
Closing costs & prepaids$20,870
Usable credit−$0
Total buyer cash needed$116,816
Earnest money paid−$0
Remaining funds due$116,816
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,880.26
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)$43.72
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 2.770%
Interest already paid$95,967Through Nov 2026
Assumption only · ends Apr 2051$217,238
Assumption + second · ends Apr 2051, second Dec 2056$656,223
New conventional · ends Dec 2056$1,295,058