Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,096/mo
Lowest payment- Down payment
- $458,657
- Funds due
- $475,541
- Interest + MI left
- $114,582
- First ends
- Mar 2051
Assumption
Assumption + second
$4,833/mo
+$2,737/mo- Down payment
- $76,657
- Funds due
- $95,521
- Interest + MI left
- $717,792
- First ends
- Mar 2051
New loan
New conventional
$5,433/mo
+$3,337/mo- Down payment
- $76,657
- Funds due
- $91,475
- Interest + MI left
- $999,160
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,343 | $301,343 | $683,343 |
| Second mortgage | — | $382,000 | — |
| First P&I | $1,429.29 | $1,429.29 | $4,629.20 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | — | — | $136.67 |
| Taxes, insurance & HOA | $666.67 | $666.67 | $666.67 |
| Total housing payment | $2,095.96 | $4,832.66 | $5,432.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,657
Closing costs & prepaids$18,863
Usable credit−$0
Total buyer cash needed$95,521
Earnest money paid−$0
Remaining funds due$95,521
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,506.71
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)$912.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$208.79
Prepaid interest, second (9 days)$729.99
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 3 moOf the original 30-year loan at 2.81%
Interest already paid$52,564Through Dec 2026
Assumption only · ends Mar 2051$114,582
Assumption + second · ends Mar 2051, second Jan 2057$717,792
New conventional · ends Jan 2057$999,160