Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,559/mo
Lowest payment- Down payment
- $515,442
- Funds due
- $534,493
- Interest + MI left
- $152,002
- First ends
- Apr 2051
Assumption
Assumption + second
$5,583/mo
+$3,023/mo- Down payment
- $93,442
- Funds due
- $114,549
- Interest + MI left
- $818,376
- First ends
- Apr 2051
New loan
New conventional
$6,435/mo
+$3,876/mo- Down payment
- $93,442
- Funds due
- $109,913
- Interest + MI left
- $1,215,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,446 | $409,446 | $831,446 |
| Second mortgage | — | $422,000 | — |
| First P&I | $1,922.77 | $1,922.77 | $5,632.50 |
| Second P&I | — | $3,023.26 | — |
| Mortgage insurance | — | — | $166.29 |
| Taxes, insurance & HOA | $636.58 | $636.58 | $636.58 |
| Total housing payment | $2,559.35 | $5,582.61 | $6,435.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,442
Closing costs & prepaids$21,107
Usable credit−$0
Total buyer cash needed$114,549
Earnest money paid−$0
Remaining funds due$114,549
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,248.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,047.23
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)$1,109.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$276.63
Prepaid interest, second (9 days)$806.42
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$68,594Through Dec 2026
Assumption only · ends Apr 2051$152,002
Assumption + second · ends Apr 2051, second Jan 2057$818,376
New conventional · ends Jan 2057$1,215,712