Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,551/mo
Lowest payment- Down payment
- $231,581
- Funds due
- $250,610
- Interest + MI left
- $232,801
- First ends
- Jul 2051
Assumption
Assumption + second
$4,659/mo
+$1,108/mo- Down payment
- $80,581
- Funds due
- $100,926
- Interest + MI left
- $480,676
- First ends
- Jul 2051
New loan
New conventional
$5,965/mo
+$2,414/mo- Down payment
- $80,581
- Funds due
- $95,373
- Interest + MI left
- $1,089,531
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $567,419 | $567,419 | $718,419 |
| Second mortgage | — | $151,000 | — |
| First P&I | $2,703.45 | $2,703.45 | $4,974.19 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $143.68 |
| Taxes, insurance & HOA | $847.25 | $847.25 | $847.25 |
| Total housing payment | $3,550.70 | $4,658.68 | $5,965.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,581
Closing costs & prepaids$20,345
Usable credit−$0
Total buyer cash needed$100,926
Earnest money paid−$0
Remaining funds due$100,926
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,837.09
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)$1,783.75
Initial HOA (3 months)$108.00
Prepaid interest, first (2 days)$92.03
Prepaid interest, second (2 days)$66.19
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 2.960%
Interest already paid$95,917Through Nov 2026
Assumption only · ends Jul 2051$232,801
Assumption + second · ends Jul 2051, second Dec 2056$480,676
New conventional · ends Dec 2056$1,089,531