Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,209/mo
Lowest payment- Down payment
- $366,934
- Funds due
- $389,407
- Interest + MI left
- $213,298
- First ends
- Nov 2051
Assumption
Assumption + second
$6,193/mo
+$1,984/mo- Down payment
- $89,934
- Funds due
- $113,775
- Interest + MI left
- $650,704
- First ends
- Nov 2051
New loan
New conventional
$7,488/mo
+$3,279/mo- Down payment
- $89,934
- Funds due
- $108,300
- Interest + MI left
- $1,227,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $532,066 | $532,066 | $809,066 |
| Second mortgage | — | $277,000 | — |
| First P&I | $2,484.55 | $2,484.55 | $5,601.81 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | — | — | $161.81 |
| Taxes, insurance & HOA | $1,724.00 | $1,724.00 | $1,724.00 |
| Total housing payment | $4,208.54 | $6,193.01 | $7,487.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,934
Closing costs & prepaids$23,841
Usable credit−$0
Total buyer cash needed$113,775
Earnest money paid−$0
Remaining funds due$113,775
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%)$2,660.33
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)$3,987.00
Initial HOA (3 months)$534.99
Prepaid interest, first (2 days)$83.38
Prepaid interest, second (2 days)$117.63
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 closing25 yrOf the original 30-year loan at 2.860%
Interest already paid$81,139Through Nov 2026
Assumption only · ends Nov 2051$213,298
Assumption + second · ends Nov 2051, second Dec 2056$650,704
New conventional · ends Dec 2056$1,227,003