Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,657/mo
Lowest payment- Down payment
- $365,953
- Funds due
- $386,493
- Interest + MI left
- $177,671
- First ends
- Jul 2051
Assumption
Assumption + second
$5,706/mo
+$2,049/mo- Down payment
- $79,953
- Funds due
- $101,803
- Interest + MI left
- $629,289
- First ends
- Jul 2051
New loan
New conventional
$6,716/mo
+$3,059/mo- Down payment
- $79,953
- Funds due
- $96,845
- Interest + MI left
- $1,090,483
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,047 | $433,047 | $719,047 |
| Second mortgage | — | $286,000 | — |
| First P&I | $2,063.24 | $2,063.24 | $4,978.54 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $143.81 |
| Taxes, insurance & HOA | $1,593.75 | $1,593.75 | $1,593.75 |
| Total housing payment | $3,656.99 | $5,705.92 | $6,716.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,953
Closing costs & prepaids$21,850
Usable credit−$0
Total buyer cash needed$101,803
Earnest money paid−$0
Remaining funds due$101,803
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%)$2,165.23
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)$2,436.25
Initial HOA (3 months)$1,695.00
Prepaid interest, first (1 days)$35.12
Prepaid interest, second (1 days)$60.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$73,203Through Nov 2026
Assumption only · ends Jul 2051$177,671
Assumption + second · ends Jul 2051, second Dec 2056$629,289
New conventional · ends Dec 2056$1,090,483