Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $328,174
- Funds due
- $346,036
- Interest + MI left
- $164,264
- First ends
- Jun 2051
Assumption
Assumption + second
$4,532/mo
+$1,791/mo- Down payment
- $78,174
- Funds due
- $97,764
- Interest + MI left
- $559,035
- First ends
- Jun 2051
New loan
New conventional
$5,540/mo
+$2,799/mo- Down payment
- $78,174
- Funds due
- $93,147
- Interest + MI left
- $1,026,186
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,826 | $451,826 | $701,826 |
| Second mortgage | — | $250,000 | — |
| First P&I | $2,095.54 | $2,095.54 | $4,754.41 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $140.37 |
| Taxes, insurance & HOA | $645.67 | $645.67 | $645.67 |
| Total housing payment | $2,741.21 | $4,532.24 | $5,540.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,174
Closing costs & prepaids$19,589
Usable credit−$0
Total buyer cash needed$97,764
Earnest money paid−$0
Remaining funds due$97,764
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,259.13
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)$936.00
Initial HOA (3 months)$351.00
Prepaid interest, first (9 days)$297.46
Prepaid interest, second (9 days)$477.74
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 6 moOf the original 30-year loan at 2.67%
Interest already paid$71,454Through Dec 2026
Assumption only · ends Jun 2051$164,264
Assumption + second · ends Jun 2051, second Jan 2057$559,035
New conventional · ends Jan 2057$1,026,186