Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,432/mo
Lowest payment- Down payment
- $489,655
- Funds due
- $507,872
- Interest + MI left
- $152,295
- First ends
- Apr 2051
Assumption
Assumption + second
$5,291/mo
+$2,858/mo- Down payment
- $90,655
- Funds due
- $110,291
- Interest + MI left
- $782,350
- First ends
- Apr 2051
New loan
New conventional
$6,278/mo
+$3,845/mo- Down payment
- $90,655
- Funds due
- $105,387
- Interest + MI left
- $1,227,426
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,345 | $410,345 | $809,345 |
| Second mortgage | — | $399,000 | — |
| First P&I | $1,920.27 | $1,920.27 | $5,603.74 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | — | — | $161.87 |
| Taxes, insurance & HOA | $511.92 | $511.92 | $511.92 |
| Total housing payment | $2,432.19 | $5,290.68 | $6,277.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,655
Closing costs & prepaids$19,636
Usable credit−$0
Total buyer cash needed$110,291
Earnest money paid−$0
Remaining funds due$110,291
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,051.73
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)$215.01
Prepaid interest, first (2 days)$61.38
Prepaid interest, second (2 days)$169.44
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 5 moOf the original 30-year loan at 2.730%
Interest already paid$67,403Through Nov 2026
Assumption only · ends Apr 2051$152,295
Assumption + second · ends Apr 2051, second Dec 2056$782,350
New conventional · ends Dec 2056$1,227,426