Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,794/mo
Lowest payment- Down payment
- $534,020
- Funds due
- $550,668
- Interest + MI left
- $104,530
- First ends
- Apr 2051
Assumption
Assumption + second
$5,025/mo
+$3,231/mo- Down payment
- $83,020
- Funds due
- $101,110
- Interest + MI left
- $816,697
- First ends
- Apr 2051
New loan
New conventional
$5,730/mo
+$3,936/mo- Down payment
- $83,020
- Funds due
- $96,849
- Interest + MI left
- $1,125,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,980 | $290,980 | $741,980 |
| Second mortgage | — | $451,000 | — |
| First P&I | $1,349.86 | $1,349.86 | $5,137.32 |
| Second P&I | — | $3,231.02 | — |
| Mortgage insurance | — | — | $148.40 |
| Taxes, insurance & HOA | $444.42 | $444.42 | $444.42 |
| Total housing payment | $1,794.28 | $5,025.30 | $5,730.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,020
Closing costs & prepaids$18,090
Usable credit−$0
Total buyer cash needed$101,110
Earnest money paid−$0
Remaining funds due$101,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,454.90
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)$521.25
Initial HOA (3 months)$162.00
Prepaid interest, first (2 days)$42.25
Prepaid interest, second (2 days)$191.52
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 5 moOf the original 30-year loan at 2.650%
Interest already paid$46,437Through Nov 2026
Assumption only · ends Apr 2051$104,530
Assumption + second · ends Apr 2051, second Dec 2056$816,697
New conventional · ends Dec 2056$1,125,263