Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,589/mo
Lowest payment- Down payment
- $179,365
- Funds due
- $198,214
- Interest + MI left
- $216,161
- First ends
- Jul 2051
Assumption
Assumption + second
$4,345/mo
+$756/mo- Down payment
- $76,365
- Funds due
- $96,509
- Interest + MI left
- $385,241
- First ends
- Jul 2051
New loan
New conventional
$5,767/mo
+$2,178/mo- Down payment
- $76,365
- Funds due
- $90,945
- Interest + MI left
- $1,036,778
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,635 | $580,635 | $683,635 |
| Second mortgage | — | $103,000 | — |
| First P&I | $2,691.88 | $2,691.88 | $4,733.35 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $136.73 |
| Taxes, insurance & HOA | $897.00 | $897.00 | $897.00 |
| Total housing payment | $3,588.88 | $4,344.65 | $5,767.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$76,365
Closing costs & prepaids$20,144
Usable credit−$0
Total buyer cash needed$96,509
Earnest money paid−$0
Remaining funds due$96,509
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,903.17
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)$1,900.00
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$86.22
Prepaid interest, second (2 days)$45.15
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 8 moOf the original 30-year loan at 2.710%
Interest already paid$90,096Through Nov 2026
Assumption only · ends Jul 2051$216,161
Assumption + second · ends Jul 2051, second Dec 2056$385,241
New conventional · ends Dec 2056$1,036,778