Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,076/mo
Lowest payment- Down payment
- $270,153
- Funds due
- $291,292
- Interest + MI left
- $292,747
- First ends
- Jul 2051
Assumption
Assumption + second
$5,323/mo
+$1,247/mo- Down payment
- $100,153
- Funds due
- $122,579
- Interest + MI left
- $571,811
- First ends
- Jul 2051
New loan
New conventional
$7,031/mo
+$2,956/mo- Down payment
- $100,153
- Funds due
- $115,972
- Interest + MI left
- $1,364,679
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $729,847 | $729,847 | $899,847 |
| Second mortgage | — | $170,000 | — |
| First P&I | $3,454.71 | $3,454.71 | $6,230.36 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $179.97 |
| Taxes, insurance & HOA | $621.17 | $621.17 | $621.17 |
| Total housing payment | $4,075.88 | $5,323.28 | $7,031.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,153
Closing costs & prepaids$22,426
Usable credit−$0
Total buyer cash needed$122,579
Earnest money paid−$0
Remaining funds due$122,579
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,649.24
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)$1,186.00
Initial HOA (3 months)$27.51
Prepaid interest, first (1 days)$57.99
Prepaid interest, second (1 days)$37.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 2.900%
Interest already paid$120,948Through Nov 2026
Assumption only · ends Jul 2051$292,747
Assumption + second · ends Jul 2051, second Dec 2056$571,811
New conventional · ends Dec 2056$1,364,679