Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,413/mo
Lowest payment- Down payment
- $514,456
- Funds due
- $532,827
- Interest + MI left
- $152,940
- First ends
- Apr 2051
Assumption
Assumption + second
$5,429/mo
+$3,016/mo- Down payment
- $93,456
- Funds due
- $113,166
- Interest + MI left
- $817,734
- First ends
- Apr 2051
New loan
New conventional
$6,413/mo
+$4,000/mo- Down payment
- $93,456
- Funds due
- $108,185
- Interest + MI left
- $1,260,756
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,432 | $410,432 | $831,432 |
| Second mortgage | — | $421,000 | — |
| First P&I | $1,922.77 | $1,922.77 | $5,756.67 |
| Second P&I | — | $3,016.10 | — |
| Mortgage insurance | — | — | $166.29 |
| Taxes, insurance & HOA | $490.25 | $490.25 | $490.25 |
| Total housing payment | $2,413.02 | $5,429.11 | $6,413.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,456
Closing costs & prepaids$19,710
Usable credit−$0
Total buyer cash needed$113,166
Earnest money paid−$0
Remaining funds due$113,166
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,248.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,052.16
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)$670.75
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$30.81
Prepaid interest, second (1 days)$89.39
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$67,657Through Nov 2026
Assumption only · ends Apr 2051$152,940
Assumption + second · ends Apr 2051, second Dec 2056$817,734
New conventional · ends Dec 2056$1,260,756