Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,002/mo
Lowest payment- Down payment
- $457,935
- Funds due
- $474,355
- Interest + MI left
- $115,289
- First ends
- Mar 2051
Assumption
Assumption + second
$4,732/mo
+$2,730/mo- Down payment
- $76,935
- Funds due
- $94,686
- Interest + MI left
- $716,920
- First ends
- Mar 2051
New loan
New conventional
$5,439/mo
+$3,437/mo- Down payment
- $76,935
- Funds due
- $90,397
- Interest + MI left
- $1,035,777
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,065 | $302,065 | $683,065 |
| Second mortgage | — | $381,000 | — |
| First P&I | $1,429.29 | $1,429.29 | $4,729.40 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | — | — | $136.61 |
| Taxes, insurance & HOA | $572.75 | $572.75 | $572.75 |
| Total housing payment | $2,002.04 | $4,731.58 | $5,438.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,935
Closing costs & prepaids$17,751
Usable credit−$0
Total buyer cash needed$94,686
Earnest money paid−$0
Remaining funds due$94,686
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.32
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)$630.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$23.25
Prepaid interest, second (1 days)$80.90
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 4 moOf the original 30-year loan at 2.810%
Interest already paid$51,857Through Nov 2026
Assumption only · ends Mar 2051$115,289
Assumption + second · ends Mar 2051, second Dec 2056$716,920
New conventional · ends Dec 2056$1,035,777