Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,047/mo
Lowest payment- Down payment
- $300,554
- Funds due
- $321,888
- Interest + MI left
- $221,911
- First ends
- Apr 2051
Assumption
Assumption + second
$5,559/mo
+$1,512/mo- Down payment
- $89,554
- Funds due
- $112,228
- Interest + MI left
- $555,098
- First ends
- Apr 2051
New loan
New conventional
$6,977/mo
+$2,929/mo- Down payment
- $89,554
- Funds due
- $106,492
- Interest + MI left
- $1,212,414
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $588,446 | $588,446 | $799,446 |
| Second mortgage | — | $211,000 | — |
| First P&I | $2,765.72 | $2,765.72 | $5,535.20 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | — | — | $159.89 |
| Taxes, insurance & HOA | $1,281.50 | $1,281.50 | $1,281.50 |
| Total housing payment | $4,047.22 | $5,558.85 | $6,976.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,554
Closing costs & prepaids$22,674
Usable credit−$0
Total buyer cash needed$112,228
Earnest money paid−$0
Remaining funds due$112,228
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,942.23
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)$2,222.50
Initial HOA (3 months)$972.00
Prepaid interest, first (2 days)$89.31
Prepaid interest, second (2 days)$89.60
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 2.770%
Interest already paid$98,031Through Nov 2026
Assumption only · ends Apr 2051$221,911
Assumption + second · ends Apr 2051, second Dec 2056$555,098
New conventional · ends Dec 2056$1,212,414