Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,377/mo
Lowest payment- Down payment
- $365,325
- Funds due
- $385,567
- Interest + MI left
- $215,908
- First ends
- Apr 2051
Assumption
Assumption + second
$5,318/mo
+$1,941/mo- Down payment
- $94,325
- Funds due
- $116,335
- Interest + MI left
- $643,840
- First ends
- Apr 2051
New loan
New conventional
$6,567/mo
+$3,191/mo- Down payment
- $94,325
- Funds due
- $111,062
- Interest + MI left
- $1,236,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $574,675 | $574,675 | $845,675 |
| Second mortgage | — | $271,000 | — |
| First P&I | $2,707.48 | $2,707.48 | $5,728.90 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | — | — | $169.14 |
| Taxes, insurance & HOA | $669.34 | $669.34 | $669.34 |
| Total housing payment | $3,376.81 | $5,318.29 | $6,567.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,325
Closing costs & prepaids$22,010
Usable credit−$0
Total buyer cash needed$116,335
Earnest money paid−$0
Remaining funds due$116,335
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,873.37
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)$1,128.00
Initial HOA (3 months)$230.01
Prepaid interest, first (9 days)$392.51
Prepaid interest, second (9 days)$517.87
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 2.77%
Interest already paid$97,296Through Dec 2026
Assumption only · ends Apr 2051$215,908
Assumption + second · ends Apr 2051, second Jan 2057$643,840
New conventional · ends Jan 2057$1,236,517