Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,931/mo
Lowest payment- Down payment
- $283,836
- Funds due
- $301,729
- Interest + MI left
- $198,028
- First ends
- Aug 2051
Assumption
Assumption + second
$4,414/mo
+$1,483/mo- Down payment
- $76,836
- Funds due
- $96,374
- Interest + MI left
- $524,898
- First ends
- Aug 2051
New loan
New conventional
$5,441/mo
+$2,510/mo- Down payment
- $76,836
- Funds due
- $91,622
- Interest + MI left
- $1,008,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,664 | $482,664 | $689,664 |
| Second mortgage | — | $207,000 | — |
| First P&I | $2,299.63 | $2,299.63 | $4,672.02 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $137.93 |
| Taxes, insurance & HOA | $631.25 | $631.25 | $631.25 |
| Total housing payment | $2,930.88 | $4,413.86 | $5,441.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,836
Closing costs & prepaids$19,538
Usable credit−$0
Total buyer cash needed$96,374
Earnest money paid−$0
Remaining funds due$96,374
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,665.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,413.32
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)$919.75
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$352.28
Prepaid interest, second (9 days)$395.57
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$81,590Through Dec 2026
Assumption only · ends Aug 2051$198,028
Assumption + second · ends Aug 2051, second Jan 2057$524,898
New conventional · ends Jan 2057$1,008,403