Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,374/mo
Lowest payment- Down payment
- $234,053
- Funds due
- $252,898
- Interest + MI left
- $234,389
- First ends
- Sep 2051
Assumption
Assumption + second
$4,504/mo
+$1,130/mo- Down payment
- $80,053
- Funds due
- $100,452
- Interest + MI left
- $487,188
- First ends
- Sep 2051
New loan
New conventional
$5,696/mo
+$2,323/mo- Down payment
- $80,053
- Funds due
- $95,337
- Interest + MI left
- $1,051,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $564,947 | $564,947 | $718,947 |
| Second mortgage | — | $154,000 | — |
| First P&I | $2,691.37 | $2,691.37 | $4,870.40 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $143.79 |
| Taxes, insurance & HOA | $682.25 | $682.25 | $682.25 |
| Total housing payment | $3,373.62 | $4,503.61 | $5,696.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,053
Closing costs & prepaids$20,398
Usable credit−$0
Total buyer cash needed$100,452
Earnest money paid−$0
Remaining funds due$100,452
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,824.73
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)$958.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$415.12
Prepaid interest, second (9 days)$303.78
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$94,503Through Dec 2026
Assumption only · ends Sep 2051$234,389
Assumption + second · ends Sep 2051, second Jan 2057$487,188
New conventional · ends Jan 2057$1,051,219