Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,502/mo
Lowest payment- Down payment
- $539,021
- Funds due
- $557,659
- Interest + MI left
- $171,457
- First ends
- Jul 2051
Assumption
Assumption + second
$5,697/mo
+$3,195/mo- Down payment
- $93,021
- Funds due
- $113,004
- Interest + MI left
- $875,729
- First ends
- Jul 2051
New loan
New conventional
$6,546/mo
+$4,044/mo- Down payment
- $93,021
- Funds due
- $108,141
- Interest + MI left
- $1,261,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,979 | $385,979 | $831,979 |
| Second mortgage | — | $446,000 | — |
| First P&I | $1,883.23 | $1,883.23 | $5,760.45 |
| Second P&I | — | $3,195.20 | — |
| Mortgage insurance | — | — | $166.40 |
| Taxes, insurance & HOA | $618.83 | $618.83 | $618.83 |
| Total housing payment | $2,502.06 | $5,697.26 | $6,545.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,021
Closing costs & prepaids$19,983
Usable credit−$0
Total buyer cash needed$113,004
Earnest money paid−$0
Remaining funds due$113,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,929.90
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)$762.50
Initial HOA (3 months)$444.00
Prepaid interest, first (1 days)$33.63
Prepaid interest, second (1 days)$94.70
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 8 moOf the original 30-year loan at 3.180%
Interest already paid$69,940Through Nov 2026
Assumption only · ends Jul 2051$171,457
Assumption + second · ends Jul 2051, second Dec 2056$875,729
New conventional · ends Dec 2056$1,261,752