Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,413/mo
Lowest payment- Down payment
- $232,768
- Funds due
- $251,415
- Interest + MI left
- $235,795
- First ends
- Sep 2051
Assumption
Assumption + second
$4,528/mo
+$1,115/mo- Down payment
- $80,768
- Funds due
- $100,731
- Interest + MI left
- $485,311
- First ends
- Sep 2051
New loan
New conventional
$5,838/mo
+$2,425/mo- Down payment
- $80,768
- Funds due
- $95,182
- Interest + MI left
- $1,089,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $566,232 | $566,232 | $718,232 |
| Second mortgage | — | $152,000 | — |
| First P&I | $2,691.37 | $2,691.37 | $4,972.89 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $143.65 |
| Taxes, insurance & HOA | $721.67 | $721.67 | $721.67 |
| Total housing payment | $3,413.03 | $4,528.36 | $5,838.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,768
Closing costs & prepaids$19,963
Usable credit−$0
Total buyer cash needed$100,731
Earnest money paid−$0
Remaining funds due$100,731
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,831.16
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)$1,077.00
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$92.46
Prepaid interest, second (2 days)$66.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$93,097Through Nov 2026
Assumption only · ends Sep 2051$235,795
Assumption + second · ends Sep 2051, second Dec 2056$485,311
New conventional · ends Dec 2056$1,089,104