Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,999/mo
Lowest payment- Down payment
- $490,865
- Funds due
- $507,701
- Interest + MI left
- $119,199
- First ends
- Oct 2051
Assumption
Assumption + second
$4,936/mo
+$2,937/mo- Down payment
- $80,865
- Funds due
- $99,038
- Interest + MI left
- $766,624
- First ends
- Oct 2051
New loan
New conventional
$5,689/mo
+$3,690/mo- Down payment
- $80,865
- Funds due
- $94,675
- Interest + MI left
- $1,090,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,135 | $309,135 | $719,135 |
| Second mortgage | — | $410,000 | — |
| First P&I | $1,432.55 | $1,432.55 | $4,979.15 |
| Second P&I | — | $2,937.29 | — |
| Mortgage insurance | — | — | $143.83 |
| Taxes, insurance & HOA | $566.00 | $566.00 | $566.00 |
| Total housing payment | $1,998.55 | $4,935.84 | $5,688.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,865
Closing costs & prepaids$18,172
Usable credit−$0
Total buyer cash needed$99,038
Earnest money paid−$0
Remaining funds due$99,038
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,545.67
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)$703.00
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$23.46
Prepaid interest, second (1 days)$87.05
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 11 moOf the original 30-year loan at 2.770%
Interest already paid$46,520Through Nov 2026
Assumption only · ends Oct 2051$119,199
Assumption + second · ends Oct 2051, second Dec 2056$766,624
New conventional · ends Dec 2056$1,090,473