Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,887/mo
Lowest payment- Down payment
- $461,934
- Funds due
- $478,142
- Interest + MI left
- $108,512
- First ends
- Aug 2051
Assumption
Assumption + second
$4,653/mo
+$2,765/mo- Down payment
- $75,934
- Funds due
- $93,556
- Interest + MI left
- $718,038
- First ends
- Aug 2051
New loan
New conventional
$5,354/mo
+$3,467/mo- Down payment
- $75,934
- Funds due
- $89,379
- Interest + MI left
- $1,022,132
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,066 | $288,066 | $674,066 |
| Second mortgage | — | $386,000 | — |
| First P&I | $1,335.28 | $1,335.28 | $4,667.10 |
| Second P&I | — | $2,765.35 | — |
| Mortgage insurance | — | — | $134.81 |
| Taxes, insurance & HOA | $552.08 | $552.08 | $552.08 |
| Total housing payment | $1,887.36 | $4,652.71 | $5,353.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,934
Closing costs & prepaids$17,622
Usable credit−$0
Total buyer cash needed$93,556
Earnest money paid−$0
Remaining funds due$93,556
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,440.33
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)$1,005.25
Initial HOA (3 months)$0.99
Prepaid interest, first (2 days)$43.09
Prepaid interest, second (2 days)$163.92
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 2.730%
Interest already paid$44,257Through Nov 2026
Assumption only · ends Aug 2051$108,512
Assumption + second · ends Aug 2051, second Dec 2056$718,038
New conventional · ends Dec 2056$1,022,132