Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $467,236
- Funds due
- $485,489
- Interest + MI left
- $162,492
- First ends
- Jan 2051
Assumption
Assumption + second
$5,383/mo
+$2,744/mo- Down payment
- $84,236
- Funds due
- $103,902
- Interest + MI left
- $767,281
- First ends
- Jan 2051
New loan
New conventional
$6,159/mo
+$3,520/mo- Down payment
- $84,236
- Funds due
- $99,254
- Interest + MI left
- $1,138,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,764 | $367,764 | $750,764 |
| Second mortgage | — | $383,000 | — |
| First P&I | $1,828.47 | $1,828.47 | $5,198.14 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | — | — | $150.15 |
| Taxes, insurance & HOA | $810.33 | $810.33 | $810.33 |
| Total housing payment | $2,638.80 | $5,382.66 | $6,158.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,236
Closing costs & prepaids$19,666
Usable credit−$0
Total buyer cash needed$103,902
Earnest money paid−$0
Remaining funds due$103,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,838.82
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)$1,472.00
Initial HOA (3 months)$309.00
Prepaid interest, first (2 days)$65.09
Prepaid interest, second (2 days)$162.64
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 2 moOf the original 30-year loan at 3.230%
Interest already paid$74,557Through Nov 2026
Assumption only · ends Jan 2051$162,492
Assumption + second · ends Jan 2051, second Dec 2056$767,281
New conventional · ends Dec 2056$1,138,584