Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,273/mo
Lowest payment- Down payment
- $451,924
- Funds due
- $472,213
- Interest + MI left
- $163,662
- First ends
- Feb 2051
Assumption
Assumption + second
$5,881/mo
+$2,608/mo- Down payment
- $87,924
- Funds due
- $109,618
- Interest + MI left
- $738,448
- First ends
- Feb 2051
New loan
New conventional
$6,879/mo
+$3,605/mo- Down payment
- $87,924
- Funds due
- $104,660
- Interest + MI left
- $1,199,720
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,076 | $427,076 | $791,076 |
| Second mortgage | — | $364,000 | — |
| First P&I | $2,030.03 | $2,030.03 | $5,477.25 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | — | — | $158.22 |
| Taxes, insurance & HOA | $1,243.08 | $1,243.08 | $1,243.08 |
| Total housing payment | $3,273.11 | $5,880.85 | $6,878.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,924
Closing costs & prepaids$21,693
Usable credit−$0
Total buyer cash needed$109,618
Earnest money paid−$0
Remaining funds due$109,618
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,135.38
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)$2,688.50
Initial HOA (3 months)$390.75
Prepaid interest, first (2 days)$66.23
Prepaid interest, second (2 days)$154.58
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 3 moOf the original 30-year loan at 2.830%
Interest already paid$75,010Through Nov 2026
Assumption only · ends Feb 2051$163,662
Assumption + second · ends Feb 2051, second Dec 2056$738,448
New conventional · ends Dec 2056$1,199,720