Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,261/mo
Lowest payment- Down payment
- $425,233
- Funds due
- $445,410
- Interest + MI left
- $201,658
- First ends
- Aug 2051
Assumption
Assumption + second
$5,625/mo
+$2,364/mo- Down payment
- $95,233
- Funds due
- $116,730
- Interest + MI left
- $722,756
- First ends
- Aug 2051
New loan
New conventional
$6,904/mo
+$3,643/mo- Down payment
- $95,233
- Funds due
- $111,175
- Interest + MI left
- $1,296,312
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $524,767 | $524,767 | $854,767 |
| Second mortgage | — | $330,000 | — |
| First P&I | $2,445.88 | $2,445.88 | $5,918.23 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | — | — | $170.95 |
| Taxes, insurance & HOA | $815.25 | $815.25 | $815.25 |
| Total housing payment | $3,261.13 | $5,625.29 | $6,904.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,233
Closing costs & prepaids$21,498
Usable credit−$0
Total buyer cash needed$116,730
Earnest money paid−$0
Remaining funds due$116,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,623.84
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)$1,492.75
Initial HOA (3 months)$303.00
Prepaid interest, first (1 days)$39.97
Prepaid interest, second (1 days)$70.07
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 9 moOf the original 30-year loan at 2.780%
Interest already paid$82,057Through Nov 2026
Assumption only · ends Aug 2051$201,658
Assumption + second · ends Aug 2051, second Dec 2056$722,756
New conventional · ends Dec 2056$1,296,312