Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,297/mo
Lowest payment- Down payment
- $390,723
- Funds due
- $410,644
- Interest + MI left
- $187,182
- First ends
- Mar 2051
Assumption
Assumption + second
$5,446/mo
+$2,149/mo- Down payment
- $90,723
- Funds due
- $112,021
- Interest + MI left
- $660,907
- First ends
- Mar 2051
New loan
New conventional
$6,673/mo
+$3,376/mo- Down payment
- $90,723
- Funds due
- $106,655
- Interest + MI left
- $1,225,806
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,277 | $508,277 | $808,277 |
| Second mortgage | — | $300,000 | — |
| First P&I | $2,381.71 | $2,381.71 | $5,596.35 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | — | — | $161.66 |
| Taxes, insurance & HOA | $915.33 | $915.33 | $915.33 |
| Total housing payment | $3,297.04 | $5,446.28 | $6,673.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,723
Closing costs & prepaids$21,299
Usable credit−$0
Total buyer cash needed$112,021
Earnest money paid−$0
Remaining funds due$112,021
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,541.39
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)$2,066.00
Initial HOA (3 months)$30.00
Prepaid interest, first (2 days)$75.75
Prepaid interest, second (2 days)$127.40
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 4 moOf the original 30-year loan at 2.720%
Interest already paid$84,549Through Nov 2026
Assumption only · ends Mar 2051$187,182
Assumption + second · ends Mar 2051, second Dec 2056$660,907
New conventional · ends Dec 2056$1,225,806