Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,645/mo
Lowest payment- Down payment
- $457,091
- Funds due
- $475,651
- Interest + MI left
- $162,711
- First ends
- Apr 2051
Assumption
Assumption + second
$5,274/mo
+$2,629/mo- Down payment
- $90,091
- Funds due
- $110,056
- Interest + MI left
- $742,234
- First ends
- Apr 2051
New loan
New conventional
$6,330/mo
+$3,686/mo- Down payment
- $90,091
- Funds due
- $105,025
- Interest + MI left
- $1,221,457
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,409 | $438,409 | $805,409 |
| Second mortgage | — | $367,000 | — |
| First P&I | $2,051.60 | $2,051.60 | $5,576.49 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | — | — | $161.08 |
| Taxes, insurance & HOA | $592.91 | $592.91 | $592.91 |
| Total housing payment | $2,644.52 | $5,273.75 | $6,330.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,091
Closing costs & prepaids$19,965
Usable credit−$0
Total buyer cash needed$110,056
Earnest money paid−$0
Remaining funds due$110,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,955.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,192.04
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)$1,117.25
Initial HOA (3 months)$11.49
Prepaid interest, first (2 days)$65.58
Prepaid interest, second (2 days)$155.85
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 5 moOf the original 30-year loan at 2.730%
Interest already paid$72,013Through Nov 2026
Assumption only · ends Apr 2051$162,711
Assumption + second · ends Apr 2051, second Dec 2056$742,234
New conventional · ends Dec 2056$1,221,457