Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $486,846
- Funds due
- $505,645
- Interest + MI left
- $136,906
- First ends
- Feb 2051
Assumption
Assumption + second
$5,522/mo
+$2,866/mo- Down payment
- $86,846
- Funds due
- $107,065
- Interest + MI left
- $768,540
- First ends
- Feb 2051
New loan
New conventional
$6,411/mo
+$3,755/mo- Down payment
- $86,846
- Funds due
- $102,376
- Interest + MI left
- $1,172,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,154 | $373,154 | $773,154 |
| Second mortgage | — | $400,000 | — |
| First P&I | $1,752.78 | $1,752.78 | $5,353.16 |
| Second P&I | — | $2,865.65 | — |
| Mortgage insurance | — | — | $154.63 |
| Taxes, insurance & HOA | $903.33 | $903.33 | $903.33 |
| Total housing payment | $2,656.12 | $5,521.77 | $6,411.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,846
Closing costs & prepaids$20,219
Usable credit−$0
Total buyer cash needed$107,065
Earnest money paid−$0
Remaining funds due$107,065
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,865.77
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)$2,003.00
Initial HOA (3 months)$57.00
Prepaid interest, first (2 days)$55.62
Prepaid interest, second (2 days)$169.86
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$63,070Through Nov 2026
Assumption only · ends Feb 2051$136,906
Assumption + second · ends Feb 2051, second Dec 2056$768,540
New conventional · ends Dec 2056$1,172,385