Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,080/mo
Lowest payment- Down payment
- $415,264
- Funds due
- $434,922
- Interest + MI left
- $200,696
- First ends
- Sep 2051
Assumption
Assumption + second
$5,408/mo
+$2,328/mo- Down payment
- $90,264
- Funds due
- $111,793
- Interest + MI left
- $713,898
- First ends
- Sep 2051
New loan
New conventional
$6,416/mo
+$3,336/mo- Down payment
- $90,264
- Funds due
- $106,884
- Interest + MI left
- $1,182,506
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,736 | $483,736 | $808,736 |
| Second mortgage | — | $325,000 | — |
| First P&I | $2,304.48 | $2,304.48 | $5,478.66 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | — | — | $161.75 |
| Taxes, insurance & HOA | $775.25 | $775.25 | $775.25 |
| Total housing payment | $3,079.73 | $5,408.07 | $6,415.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,264
Closing costs & prepaids$21,529
Usable credit−$0
Total buyer cash needed$111,793
Earnest money paid−$0
Remaining funds due$111,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,418.68
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)$1,078.75
Initial HOA (3 months)$597.00
Prepaid interest, first (9 days)$355.45
Prepaid interest, second (9 days)$621.06
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$80,918Through Dec 2026
Assumption only · ends Sep 2051$200,696
Assumption + second · ends Sep 2051, second Jan 2057$713,898
New conventional · ends Jan 2057$1,182,506