Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,693/mo
Lowest payment- Down payment
- $327,086
- Funds due
- $344,543
- Interest + MI left
- $165,272
- First ends
- Jun 2051
Assumption
Assumption + second
$4,476/mo
+$1,784/mo- Down payment
- $78,086
- Funds due
- $96,846
- Interest + MI left
- $558,464
- First ends
- Jun 2051
New loan
New conventional
$5,597/mo
+$2,905/mo- Down payment
- $78,086
- Funds due
- $91,814
- Interest + MI left
- $1,064,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,914 | $452,914 | $701,914 |
| Second mortgage | — | $249,000 | — |
| First P&I | $2,095.54 | $2,095.54 | $4,859.91 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $140.38 |
| Taxes, insurance & HOA | $597.08 | $597.08 | $597.08 |
| Total housing payment | $2,692.63 | $4,476.49 | $5,597.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,086
Closing costs & prepaids$18,760
Usable credit−$0
Total buyer cash needed$96,846
Earnest money paid−$0
Remaining funds due$96,846
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,264.57
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)$790.25
Initial HOA (3 months)$351.00
Prepaid interest, first (1 days)$33.13
Prepaid interest, second (1 days)$52.87
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 7 moOf the original 30-year loan at 2.670%
Interest already paid$70,446Through Nov 2026
Assumption only · ends Jun 2051$165,272
Assumption + second · ends Jun 2051, second Dec 2056$558,464
New conventional · ends Dec 2056$1,064,500