Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,443/mo
Lowest payment- Down payment
- $426,307
- Funds due
- $447,262
- Interest + MI left
- $227,170
- First ends
- Aug 2051
Assumption
Assumption + second
$5,793/mo
+$2,350/mo- Down payment
- $98,307
- Funds due
- $121,138
- Interest + MI left
- $745,109
- First ends
- Aug 2051
New loan
New conventional
$6,954/mo
+$3,511/mo- Down payment
- $98,307
- Funds due
- $115,874
- Interest + MI left
- $1,289,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553,693 | $553,693 | $881,693 |
| Second mortgage | — | $328,000 | — |
| First P&I | $2,638.05 | $2,638.05 | $5,972.90 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | — | — | $176.34 |
| Taxes, insurance & HOA | $804.67 | $804.67 | $804.67 |
| Total housing payment | $3,442.72 | $5,792.55 | $6,953.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,307
Closing costs & prepaids$22,831
Usable credit−$0
Total buyer cash needed$121,138
Earnest money paid−$0
Remaining funds due$121,138
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,768.47
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)$1,176.00
Initial HOA (3 months)$588.00
Prepaid interest, first (9 days)$404.12
Prepaid interest, second (9 days)$626.79
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$93,597Through Dec 2026
Assumption only · ends Aug 2051$227,170
Assumption + second · ends Aug 2051, second Jan 2057$745,109
New conventional · ends Jan 2057$1,289,181