Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,243/mo
Lowest payment- Down payment
- $543,879
- Funds due
- $561,973
- Interest + MI left
- $133,235
- First ends
- Oct 2051
Assumption
Assumption + second
$5,509/mo
+$3,267/mo- Down payment
- $87,879
- Funds due
- $107,417
- Interest + MI left
- $853,298
- First ends
- Oct 2051
New loan
New conventional
$6,296/mo
+$4,054/mo- Down payment
- $87,879
- Funds due
- $102,913
- Interest + MI left
- $1,193,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,021 | $331,021 | $787,021 |
| Second mortgage | — | $456,000 | — |
| First P&I | $1,552.70 | $1,552.70 | $5,449.17 |
| Second P&I | — | $3,266.84 | — |
| Mortgage insurance | — | — | $157.40 |
| Taxes, insurance & HOA | $689.92 | $689.92 | $689.92 |
| Total housing payment | $2,242.61 | $5,509.45 | $6,296.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,879
Closing costs & prepaids$19,538
Usable credit−$0
Total buyer cash needed$107,417
Earnest money paid−$0
Remaining funds due$107,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,655.11
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)$957.75
Initial HOA (3 months)$462.00
Prepaid interest, first (2 days)$52.24
Prepaid interest, second (2 days)$193.64
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$51,736Through Nov 2026
Assumption only · ends Oct 2051$133,235
Assumption + second · ends Oct 2051, second Dec 2056$853,298
New conventional · ends Dec 2056$1,193,570