Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,490/mo
Lowest payment- Down payment
- $426,674
- Funds due
- $447,721
- Interest + MI left
- $232,417
- First ends
- Jun 2051
Assumption
Assumption + second
$5,833/mo
+$2,343/mo- Down payment
- $99,674
- Funds due
- $122,596
- Interest + MI left
- $748,777
- First ends
- Jun 2051
New loan
New conventional
$6,990/mo
+$3,499/mo- Down payment
- $99,674
- Funds due
- $117,278
- Interest + MI left
- $1,300,342
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $562,326 | $562,326 | $889,326 |
| Second mortgage | — | $327,000 | — |
| First P&I | $2,703.21 | $2,703.21 | $6,024.60 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | — | — | $177.87 |
| Taxes, insurance & HOA | $787.25 | $787.25 | $787.25 |
| Total housing payment | $3,490.46 | $5,833.13 | $6,989.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,674
Closing costs & prepaids$22,922
Usable credit−$0
Total buyer cash needed$122,596
Earnest money paid−$0
Remaining funds due$122,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,811.63
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)$1,186.75
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$415.97
Prepaid interest, second (9 days)$624.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3%
Interest already paid$99,566Through Dec 2026
Assumption only · ends Jun 2051$232,417
Assumption + second · ends Jun 2051, second Jan 2057$748,777
New conventional · ends Jan 2057$1,300,342