Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,897/mo
Lowest payment- Down payment
- $249,032
- Funds due
- $266,374
- Interest + MI left
- $188,874
- First ends
- Oct 2051
Assumption
Assumption + second
$4,181/mo
+$1,284/mo- Down payment
- $74,032
- Funds due
- $92,701
- Interest + MI left
- $476,146
- First ends
- Oct 2051
New loan
New conventional
$5,349/mo
+$2,452/mo- Down payment
- $74,032
- Funds due
- $87,604
- Interest + MI left
- $1,002,402
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,968 | $485,968 | $660,968 |
| Second mortgage | — | $175,000 | — |
| First P&I | $2,257.00 | $2,257.00 | $4,576.41 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $132.19 |
| Taxes, insurance & HOA | $639.91 | $639.91 | $639.91 |
| Total housing payment | $2,896.91 | $4,181.00 | $5,348.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,032
Closing costs & prepaids$18,669
Usable credit−$0
Total buyer cash needed$92,701
Earnest money paid−$0
Remaining funds due$92,701
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,429.84
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)$1,115.75
Initial HOA (3 months)$153.99
Prepaid interest, first (2 days)$74.29
Prepaid interest, second (2 days)$76.71
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 2.790%
Interest already paid$73,645Through Nov 2026
Assumption only · ends Oct 2051$188,874
Assumption + second · ends Oct 2051, second Dec 2056$476,146
New conventional · ends Dec 2056$1,002,402