Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
Lowest payment- Down payment
- $349,036
- Funds due
- $366,583
- Interest + MI left
- $160,451
- First ends
- Mar 2051
Assumption
Assumption + second
$4,701/mo
+$1,963/mo- Down payment
- $75,036
- Funds due
- $93,892
- Interest + MI left
- $593,120
- First ends
- Mar 2051
New loan
New conventional
$5,620/mo
+$2,882/mo- Down payment
- $75,036
- Funds due
- $89,144
- Interest + MI left
- $1,022,112
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,964 | $399,964 | $673,964 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,919.23 | $1,919.23 | $4,666.39 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | — | — | $134.79 |
| Taxes, insurance & HOA | $819.00 | $819.00 | $819.00 |
| Total housing payment | $2,738.23 | $4,701.20 | $5,620.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,036
Closing costs & prepaids$18,855
Usable credit−$0
Total buyer cash needed$93,892
Earnest money paid−$0
Remaining funds due$93,892
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,999.82
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)$1,636.00
Initial HOA (3 months)$171.00
Prepaid interest, first (1 days)$32.22
Prepaid interest, second (1 days)$58.18
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 4 moOf the original 30-year loan at 2.940%
Interest already paid$71,737Through Nov 2026
Assumption only · ends Mar 2051$160,451
Assumption + second · ends Mar 2051, second Dec 2056$593,120
New conventional · ends Dec 2056$1,022,112