Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,607/mo
Lowest payment- Down payment
- $511,881
- Funds due
- $530,817
- Interest + MI left
- $170,434
- First ends
- Jul 2051
Assumption
Assumption + second
$5,630/mo
+$3,023/mo- Down payment
- $89,881
- Funds due
- $110,874
- Interest + MI left
- $836,808
- First ends
- Jul 2051
New loan
New conventional
$6,353/mo
+$3,746/mo- Down payment
- $89,881
- Funds due
- $106,327
- Interest + MI left
- $1,180,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,119 | $385,119 | $807,119 |
| Second mortgage | — | $422,000 | — |
| First P&I | $1,883.23 | $1,883.23 | $5,467.71 |
| Second P&I | — | $3,023.26 | — |
| Mortgage insurance | — | — | $161.42 |
| Taxes, insurance & HOA | $723.50 | $723.50 | $723.50 |
| Total housing payment | $2,606.73 | $5,629.99 | $6,352.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,881
Closing costs & prepaids$20,992
Usable credit−$0
Total buyer cash needed$110,874
Earnest money paid−$0
Remaining funds due$110,874
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,925.59
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)$1,076.50
Initial HOA (3 months)$444.00
Prepaid interest, first (9 days)$301.98
Prepaid interest, second (9 days)$806.42
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 7 moOf the original 30-year loan at 3.18%
Interest already paid$70,963Through Dec 2026
Assumption only · ends Jul 2051$170,434
Assumption + second · ends Jul 2051, second Jan 2057$836,808
New conventional · ends Jan 2057$1,180,141