Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,835/mo
Lowest payment- Down payment
- $273,449
- Funds due
- $290,671
- Interest + MI left
- $181,703
- First ends
- Aug 2051
Assumption
Assumption + second
$4,275/mo
+$1,440/mo- Down payment
- $72,449
- Funds due
- $91,006
- Interest + MI left
- $499,099
- First ends
- Aug 2051
New loan
New conventional
$5,325/mo
+$2,490/mo- Down payment
- $72,449
- Funds due
- $86,121
- Interest + MI left
- $979,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,550 | $444,550 | $645,550 |
| Second mortgage | — | $201,000 | — |
| First P&I | $2,108.60 | $2,108.60 | $4,469.66 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $129.11 |
| Taxes, insurance & HOA | $726.58 | $726.58 | $726.58 |
| Total housing payment | $2,835.18 | $4,275.17 | $5,325.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,449
Closing costs & prepaids$18,557
Usable credit−$0
Total buyer cash needed$91,006
Earnest money paid−$0
Remaining funds due$91,006
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,179.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,222.75
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)$1,322.75
Initial HOA (3 months)$207.00
Prepaid interest, first (2 days)$71.62
Prepaid interest, second (2 days)$85.36
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 9 moOf the original 30-year loan at 2.940%
Interest already paid$73,395Through Nov 2026
Assumption only · ends Aug 2051$181,703
Assumption + second · ends Aug 2051, second Dec 2056$499,099
New conventional · ends Dec 2056$979,020