Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $290,738
- Funds due
- $308,325
- Interest + MI left
- $193,174
- First ends
- Dec 2051
Assumption
Assumption + second
$4,390/mo
+$1,526/mo- Down payment
- $77,738
- Funds due
- $96,620
- Interest + MI left
- $529,519
- First ends
- Dec 2051
New loan
New conventional
$5,557/mo
+$2,694/mo- Down payment
- $77,738
- Funds due
- $91,465
- Interest + MI left
- $1,048,207
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,262 | $478,262 | $691,262 |
| Second mortgage | — | $213,000 | — |
| First P&I | $2,230.68 | $2,230.68 | $4,786.16 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | — | — | $138.25 |
| Taxes, insurance & HOA | $633.08 | $633.08 | $633.08 |
| Total housing payment | $2,863.77 | $4,389.73 | $5,557.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,738
Closing costs & prepaids$18,881
Usable credit−$0
Total buyer cash needed$96,620
Earnest money paid−$0
Remaining funds due$96,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,391.31
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)$919.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$37.61
Prepaid interest, second (1 days)$45.23
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 closing25 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$71,872Through Nov 2026
Assumption only · ends Dec 2051$193,174
Assumption + second · ends Dec 2051, second Dec 2056$529,519
New conventional · ends Dec 2056$1,048,207