Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,833/mo
Lowest payment- Down payment
- $238,489
- Funds due
- $258,801
- Interest + MI left
- $254,615
- First ends
- Dec 2051
Assumption
Assumption + second
$4,926/mo
+$1,093/mo- Down payment
- $89,489
- Funds due
- $111,116
- Interest + MI left
- $499,207
- First ends
- Dec 2051
New loan
New conventional
$6,540/mo
+$2,707/mo- Down payment
- $89,489
- Funds due
- $105,062
- Interest + MI left
- $1,220,095
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $655,511 | $655,511 | $804,511 |
| Second mortgage | — | $149,000 | — |
| First P&I | $3,023.68 | $3,023.68 | $5,570.27 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $160.90 |
| Taxes, insurance & HOA | $809.00 | $809.00 | $809.00 |
| Total housing payment | $3,832.68 | $4,925.99 | $6,540.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,489
Closing costs & prepaids$21,627
Usable credit−$0
Total buyer cash needed$111,116
Earnest money paid−$0
Remaining funds due$111,116
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,940.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,277.56
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)$1,055.00
Initial HOA (3 months)$722.01
Prepaid interest, first (2 days)$99.49
Prepaid interest, second (2 days)$65.32
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 closing25 yr 1 moOf the original 30-year loan at 2.770%
Interest already paid$95,167Through Nov 2026
Assumption only · ends Dec 2051$254,615
Assumption + second · ends Dec 2051, second Dec 2056$499,207
New conventional · ends Dec 2056$1,220,095