Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,211/mo
Lowest payment- Down payment
- $425,380
- Funds due
- $445,226
- Interest + MI left
- $233,826
- First ends
- Jun 2051
Assumption
Assumption + second
$5,547/mo
+$2,336/mo- Down payment
- $99,380
- Funds due
- $120,545
- Interest + MI left
- $748,607
- First ends
- Jun 2051
New loan
New conventional
$6,845/mo
+$3,634/mo- Down payment
- $99,380
- Funds due
- $114,755
- Interest + MI left
- $1,349,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,620 | $563,620 | $889,620 |
| Second mortgage | — | $326,000 | — |
| First P&I | $2,703.21 | $2,703.21 | $6,159.55 |
| Second P&I | — | $2,335.50 | — |
| Mortgage insurance | — | — | $177.92 |
| Taxes, insurance & HOA | $507.83 | $507.83 | $507.83 |
| Total housing payment | $3,211.04 | $5,546.54 | $6,845.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,380
Closing costs & prepaids$21,165
Usable credit−$0
Total buyer cash needed$120,545
Earnest money paid−$0
Remaining funds due$120,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,818.10
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)$348.50
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$46.32
Prepaid interest, second (1 days)$69.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.000%
Interest already paid$98,157Through Nov 2026
Assumption only · ends Jun 2051$233,826
Assumption + second · ends Jun 2051, second Dec 2056$748,607
New conventional · ends Dec 2056$1,349,169