Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,662/mo
Lowest payment- Down payment
- $351,062
- Funds due
- $368,539
- Interest + MI left
- $171,989
- First ends
- Apr 2051
Assumption
Assumption + second
$4,604/mo
+$1,941/mo- Down payment
- $80,062
- Funds due
- $98,846
- Interest + MI left
- $599,921
- First ends
- Apr 2051
New loan
New conventional
$5,672/mo
+$3,009/mo- Down payment
- $80,062
- Funds due
- $93,812
- Interest + MI left
- $1,091,833
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,937 | $448,937 | $719,937 |
| Second mortgage | — | $271,000 | — |
| First P&I | $2,119.20 | $2,119.20 | $4,984.70 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $143.99 |
| Taxes, insurance & HOA | $543.08 | $543.08 | $543.08 |
| Total housing payment | $2,662.29 | $4,603.76 | $5,671.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,062
Closing costs & prepaids$18,784
Usable credit−$0
Total buyer cash needed$98,846
Earnest money paid−$0
Remaining funds due$98,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,244.68
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)$934.25
Initial HOA (3 months)$45.00
Prepaid interest, first (1 days)$34.56
Prepaid interest, second (1 days)$57.54
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 5 moOf the original 29-year loan at 2.810%
Interest already paid$61,505Through Nov 2026
Assumption only · ends Apr 2051$171,989
Assumption + second · ends Apr 2051, second Dec 2056$599,921
New conventional · ends Dec 2056$1,091,833