Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,162/mo
Lowest payment- Down payment
- $600,640
- Funds due
- $619,268
- Interest + MI left
- $117,923
- First ends
- Jun 2051
Assumption
Assumption + second
$5,802/mo
+$3,639/mo- Down payment
- $92,640
- Funds due
- $113,488
- Interest + MI left
- $920,098
- First ends
- Jun 2051
New loan
New conventional
$6,463/mo
+$4,301/mo- Down payment
- $92,640
- Funds due
- $109,186
- Interest + MI left
- $1,217,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,360 | $324,360 | $832,360 |
| Second mortgage | — | $508,000 | — |
| First P&I | $1,504.36 | $1,504.36 | $5,638.70 |
| Second P&I | — | $3,639.37 | — |
| Mortgage insurance | — | — | $166.47 |
| Taxes, insurance & HOA | $658.00 | $658.00 | $658.00 |
| Total housing payment | $2,162.36 | $5,801.73 | $6,463.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,640
Closing costs & prepaids$20,848
Usable credit−$0
Total buyer cash needed$113,488
Earnest money paid−$0
Remaining funds due$113,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,621.80
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)$1,110.00
Initial HOA (3 months)$213.99
Prepaid interest, first (9 days)$213.54
Prepaid interest, second (9 days)$970.77
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 2.67%
Interest already paid$51,296Through Dec 2026
Assumption only · ends Jun 2051$117,923
Assumption + second · ends Jun 2051, second Jan 2057$920,098
New conventional · ends Jan 2057$1,217,048