Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,617/mo
Lowest payment- Down payment
- $403,742
- Funds due
- $421,594
- Interest + MI left
- $176,074
- First ends
- Oct 2051
Assumption
Assumption + second
$4,917/mo
+$2,300/mo- Down payment
- $82,742
- Funds due
- $101,980
- Interest + MI left
- $682,960
- First ends
- Oct 2051
New loan
New conventional
$5,907/mo
+$3,290/mo- Down payment
- $82,742
- Funds due
- $97,099
- Interest + MI left
- $1,125,684
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,258 | $421,258 | $742,258 |
| Second mortgage | — | $321,000 | — |
| First P&I | $1,997.76 | $1,997.76 | $5,139.24 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $148.45 |
| Taxes, insurance & HOA | $619.42 | $619.42 | $619.42 |
| Total housing payment | $2,617.18 | $4,916.86 | $5,907.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,742
Closing costs & prepaids$19,238
Usable credit−$0
Total buyer cash needed$101,980
Earnest money paid−$0
Remaining funds due$101,980
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,106.29
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)$980.25
Initial HOA (3 months)$228.00
Prepaid interest, first (2 days)$68.79
Prepaid interest, second (2 days)$136.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.980%
Interest already paid$68,058Through Nov 2026
Assumption only · ends Oct 2051$176,074
Assumption + second · ends Oct 2051, second Dec 2056$682,960
New conventional · ends Dec 2056$1,125,684