Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,808/mo
Lowest payment- Down payment
- $505,418
- Funds due
- $521,909
- Interest + MI left
- $96,519
- First ends
- Mar 2051
Assumption
Assumption + second
$4,867/mo
+$3,059/mo- Down payment
- $78,418
- Funds due
- $96,975
- Interest + MI left
- $770,788
- First ends
- Mar 2051
New loan
New conventional
$5,408/mo
+$3,600/mo- Down payment
- $78,418
- Funds due
- $93,041
- Interest + MI left
- $1,018,518
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,582 | $269,582 | $696,582 |
| Second mortgage | — | $427,000 | — |
| First P&I | $1,258.08 | $1,258.08 | $4,718.89 |
| Second P&I | — | $3,059.08 | — |
| Mortgage insurance | — | — | $139.32 |
| Taxes, insurance & HOA | $549.50 | $549.50 | $549.50 |
| Total housing payment | $1,807.57 | $4,866.65 | $5,407.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,418
Closing costs & prepaids$18,557
Usable credit−$0
Total buyer cash needed$96,975
Earnest money paid−$0
Remaining funds due$96,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,347.91
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)$930.00
Initial HOA (3 months)$68.49
Prepaid interest, first (9 days)$176.82
Prepaid interest, second (9 days)$815.98
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$44,590Through Dec 2026
Assumption only · ends Mar 2051$96,519
Assumption + second · ends Mar 2051, second Jan 2057$770,788
New conventional · ends Jan 2057$1,018,518