Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,546/mo
Lowest payment- Down payment
- $597,329
- Funds due
- $617,077
- Interest + MI left
- $163,572
- First ends
- Jul 2051
Assumption
Assumption + second
$6,107/mo
+$3,561/mo- Down payment
- $100,329
- Funds due
- $122,277
- Interest + MI left
- $948,377
- First ends
- Jul 2051
New loan
New conventional
$6,898/mo
+$4,352/mo- Down payment
- $100,329
- Funds due
- $117,572
- Interest + MI left
- $1,314,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,671 | $401,671 | $898,671 |
| Second mortgage | — | $497,000 | — |
| First P&I | $1,916.08 | $1,916.08 | $6,087.91 |
| Second P&I | — | $3,560.57 | — |
| Mortgage insurance | — | — | $179.73 |
| Taxes, insurance & HOA | $630.00 | $630.00 | $630.00 |
| Total housing payment | $2,546.08 | $6,106.65 | $6,897.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,329
Closing costs & prepaids$21,948
Usable credit−$0
Total buyer cash needed$122,277
Earnest money paid−$0
Remaining funds due$122,277
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,008.36
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)$1,198.75
Initial HOA (3 months)$41.25
Prepaid interest, first (9 days)$292.17
Prepaid interest, second (9 days)$949.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 2.95%
Interest already paid$68,823Through Dec 2026
Assumption only · ends Jul 2051$163,572
Assumption + second · ends Jul 2051, second Jan 2057$948,377
New conventional · ends Jan 2057$1,314,006