Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $519,637
- Funds due
- $537,722
- Interest + MI left
- $132,441
- First ends
- Oct 2051
Assumption
Assumption + second
$5,373/mo
+$3,109/mo- Down payment
- $85,637
- Funds due
- $105,801
- Interest + MI left
- $817,763
- First ends
- Oct 2051
New loan
New conventional
$6,041/mo
+$3,778/mo- Down payment
- $85,637
- Funds due
- $101,540
- Interest + MI left
- $1,117,479
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,263 | $330,263 | $764,263 |
| Second mortgage | — | $434,000 | — |
| First P&I | $1,552.70 | $1,552.70 | $5,177.38 |
| Second P&I | — | $3,109.23 | — |
| Mortgage insurance | — | — | $152.85 |
| Taxes, insurance & HOA | $710.67 | $710.67 | $710.67 |
| Total housing payment | $2,263.36 | $5,372.59 | $6,040.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,637
Closing costs & prepaids$20,164
Usable credit−$0
Total buyer cash needed$105,801
Earnest money paid−$0
Remaining funds due$105,801
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,651.31
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)$1,020.00
Initial HOA (3 months)$462.00
Prepaid interest, first (9 days)$234.53
Prepaid interest, second (9 days)$829.36
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 2.88%
Interest already paid$52,530Through Dec 2026
Assumption only · ends Oct 2051$132,441
Assumption + second · ends Oct 2051, second Jan 2057$817,763
New conventional · ends Jan 2057$1,117,479