Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $397,217
- Funds due
- $415,664
- Interest + MI left
- $165,365
- First ends
- Mar 2051
Assumption
Assumption + second
$5,035/mo
+$2,235/mo- Down payment
- $85,217
- Funds due
- $105,046
- Interest + MI left
- $658,039
- First ends
- Mar 2051
New loan
New conventional
$6,131/mo
+$3,331/mo- Down payment
- $85,217
- Funds due
- $99,998
- Interest + MI left
- $1,159,693
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,683 | $452,683 | $764,683 |
| Second mortgage | — | $312,000 | — |
| First P&I | $2,116.60 | $2,116.60 | $5,294.51 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | — | — | $152.94 |
| Taxes, insurance & HOA | $683.08 | $683.08 | $683.08 |
| Total housing payment | $2,799.68 | $5,034.89 | $6,130.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,217
Closing costs & prepaids$19,829
Usable credit−$0
Total buyer cash needed$105,046
Earnest money paid−$0
Remaining funds due$105,046
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,263.42
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)$1,221.25
Initial HOA (3 months)$177.99
Prepaid interest, first (2 days)$66.97
Prepaid interest, second (2 days)$132.49
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 4 moOf the original 30-year loan at 2.700%
Interest already paid$74,764Through Nov 2026
Assumption only · ends Mar 2051$165,365
Assumption + second · ends Mar 2051, second Dec 2056$658,039
New conventional · ends Dec 2056$1,159,693