Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,050/mo
Lowest payment- Down payment
- $320,467
- Funds due
- $339,126
- Interest + MI left
- $218,509
- First ends
- Oct 2051
Assumption
Assumption + second
$4,741/mo
+$1,691/mo- Down payment
- $84,467
- Funds due
- $104,827
- Interest + MI left
- $591,173
- First ends
- Oct 2051
New loan
New conventional
$5,834/mo
+$2,784/mo- Down payment
- $84,467
- Funds due
- $99,851
- Interest + MI left
- $1,101,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $517,033 | $517,033 | $753,033 |
| Second mortgage | — | $236,000 | — |
| First P&I | $2,468.26 | $2,468.26 | $5,101.31 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $150.61 |
| Taxes, insurance & HOA | $581.67 | $581.67 | $581.67 |
| Total housing payment | $3,049.93 | $4,740.66 | $5,833.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,467
Closing costs & prepaids$20,359
Usable credit−$0
Total buyer cash needed$104,827
Earnest money paid−$0
Remaining funds due$104,827
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,375.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,585.16
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)$1,005.00
Initial HOA (3 months)$90.00
Prepaid interest, first (9 days)$385.01
Prepaid interest, second (9 days)$450.99
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 10 moOf the original 30-year loan at 3.02%
Interest already paid$86,115Through Dec 2026
Assumption only · ends Oct 2051$218,509
Assumption + second · ends Oct 2051, second Jan 2057$591,173
New conventional · ends Jan 2057$1,101,059