Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,008/mo
Lowest payment- Down payment
- $408,503
- Funds due
- $427,901
- Interest + MI left
- $170,144
- First ends
- Feb 2051
Assumption
Assumption + second
$5,308/mo
+$2,300/mo- Down payment
- $87,503
- Funds due
- $108,764
- Interest + MI left
- $677,030
- First ends
- Feb 2051
New loan
New conventional
$6,302/mo
+$3,293/mo- Down payment
- $87,503
- Funds due
- $103,985
- Interest + MI left
- $1,149,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,497 | $465,497 | $786,497 |
| Second mortgage | — | $321,000 | — |
| First P&I | $2,191.86 | $2,191.86 | $5,328.00 |
| Second P&I | — | $2,299.68 | — |
| Mortgage insurance | — | — | $157.30 |
| Taxes, insurance & HOA | $816.58 | $816.58 | $816.58 |
| Total housing payment | $3,008.44 | $5,308.13 | $6,301.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,503
Closing costs & prepaids$21,261
Usable credit−$0
Total buyer cash needed$108,764
Earnest money paid−$0
Remaining funds due$108,764
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,327.48
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)$1,048.75
Initial HOA (3 months)$750.99
Prepaid interest, first (9 days)$312.20
Prepaid interest, second (9 days)$613.42
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$79,927Through Dec 2026
Assumption only · ends Feb 2051$170,144
Assumption + second · ends Feb 2051, second Jan 2057$677,030
New conventional · ends Jan 2057$1,149,989