Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,075/mo
Lowest payment- Down payment
- $562,848
- Funds due
- $583,621
- Interest + MI left
- $164,162
- First ends
- Aug 2051
Assumption
Assumption + second
$6,413/mo
+$3,338/mo- Down payment
- $96,848
- Funds due
- $119,068
- Interest + MI left
- $900,015
- First ends
- Aug 2051
New loan
New conventional
$7,334/mo
+$4,259/mo- Down payment
- $96,848
- Funds due
- $114,159
- Interest + MI left
- $1,309,028
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,152 | $397,152 | $863,152 |
| Second mortgage | — | $466,000 | — |
| First P&I | $1,889.95 | $1,889.95 | $5,976.29 |
| Second P&I | — | $3,338.48 | — |
| Mortgage insurance | — | — | $172.63 |
| Taxes, insurance & HOA | $1,184.67 | $1,184.67 | $1,184.67 |
| Total housing payment | $3,074.61 | $6,413.09 | $7,333.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,848
Closing costs & prepaids$22,220
Usable credit−$0
Total buyer cash needed$119,068
Earnest money paid−$0
Remaining funds due$119,068
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,985.76
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)$2,400.00
Initial HOA (3 months)$504.00
Prepaid interest, first (2 days)$64.63
Prepaid interest, second (2 days)$197.89
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 9 moOf the original 30-year loan at 2.970%
Interest already paid$66,218Through Nov 2026
Assumption only · ends Aug 2051$164,162
Assumption + second · ends Aug 2051, second Dec 2056$900,015
New conventional · ends Dec 2056$1,309,028