Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,561/mo
Lowest payment- Down payment
- $470,642
- Funds due
- $489,253
- Interest + MI left
- $151,361
- First ends
- Apr 2051
Assumption
Assumption + second
$5,297/mo
+$2,737/mo- Down payment
- $88,642
- Funds due
- $109,233
- Interest + MI left
- $754,572
- First ends
- Apr 2051
New loan
New conventional
$6,160/mo
+$3,599/mo- Down payment
- $88,642
- Funds due
- $104,653
- Interest + MI left
- $1,157,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,358 | $409,358 | $791,358 |
| Second mortgage | — | $382,000 | — |
| First P&I | $1,920.27 | $1,920.27 | $5,360.93 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | — | — | $158.27 |
| Taxes, insurance & HOA | $640.34 | $640.34 | $640.34 |
| Total housing payment | $2,560.61 | $5,297.30 | $6,159.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,642
Closing costs & prepaids$20,591
Usable credit−$0
Total buyer cash needed$109,233
Earnest money paid−$0
Remaining funds due$109,233
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,046.79
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)$1,056.00
Initial HOA (3 months)$215.01
Prepaid interest, first (9 days)$275.56
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 4 moOf the original 30-year loan at 2.73%
Interest already paid$68,337Through Dec 2026
Assumption only · ends Apr 2051$151,361
Assumption + second · ends Apr 2051, second Jan 2057$754,572
New conventional · ends Jan 2057$1,157,096