Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,402/mo
Lowest payment- Down payment
- $374,592
- Funds due
- $394,959
- Interest + MI left
- $221,336
- First ends
- Apr 2051
Assumption
Assumption + second
$5,401/mo
+$1,999/mo- Down payment
- $95,592
- Funds due
- $117,742
- Interest + MI left
- $661,900
- First ends
- Apr 2051
New loan
New conventional
$6,632/mo
+$3,230/mo- Down payment
- $95,592
- Funds due
- $112,444
- Interest + MI left
- $1,249,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $575,408 | $575,408 | $854,408 |
| Second mortgage | — | $279,000 | — |
| First P&I | $2,728.57 | $2,728.57 | $5,788.06 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $170.88 |
| Taxes, insurance & HOA | $673.34 | $673.34 | $673.34 |
| Total housing payment | $3,401.91 | $5,400.70 | $6,632.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,592
Closing costs & prepaids$22,150
Usable credit−$0
Total buyer cash needed$117,742
Earnest money paid−$0
Remaining funds due$117,742
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,877.04
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)$1,140.00
Initial HOA (3 months)$230.01
Prepaid interest, first (9 days)$401.52
Prepaid interest, second (9 days)$533.16
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 4 moOf the original 30-year loan at 2.83%
Interest already paid$99,464Through Dec 2026
Assumption only · ends Apr 2051$221,336
Assumption + second · ends Apr 2051, second Jan 2057$661,900
New conventional · ends Jan 2057$1,249,286