Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,540/mo
Lowest payment- Down payment
- $513,802
- Funds due
- $532,717
- Interest + MI left
- $143,218
- First ends
- Apr 2051
Assumption
Assumption + second
$5,577/mo
+$3,038/mo- Down payment
- $89,802
- Funds due
- $110,777
- Interest + MI left
- $812,749
- First ends
- Apr 2051
New loan
New conventional
$6,359/mo
+$3,820/mo- Down payment
- $89,802
- Funds due
- $106,286
- Interest + MI left
- $1,177,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,198 | $381,198 | $805,198 |
| Second mortgage | — | $424,000 | — |
| First P&I | $1,795.94 | $1,795.94 | $5,454.69 |
| Second P&I | — | $3,037.59 | — |
| Mortgage insurance | — | — | $161.04 |
| Taxes, insurance & HOA | $743.67 | $743.67 | $743.67 |
| Total housing payment | $2,539.61 | $5,577.20 | $6,359.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,802
Closing costs & prepaids$20,976
Usable credit−$0
Total buyer cash needed$110,777
Earnest money paid−$0
Remaining funds due$110,777
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,905.99
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)$1,074.00
Initial HOA (3 months)$507.00
Prepaid interest, first (9 days)$260.36
Prepaid interest, second (9 days)$810.25
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 2.77%
Interest already paid$64,539Through Dec 2026
Assumption only · ends Apr 2051$143,218
Assumption + second · ends Apr 2051, second Jan 2057$812,749
New conventional · ends Jan 2057$1,177,333