Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,948/mo
Lowest payment- Down payment
- $316,152
- Funds due
- $337,729
- Interest + MI left
- $262,664
- First ends
- Apr 2051
Assumption
Assumption + second
$5,495/mo
+$1,547/mo- Down payment
- $100,152
- Funds due
- $123,392
- Interest + MI left
- $603,746
- First ends
- Apr 2051
New loan
New conventional
$6,978/mo
+$3,031/mo- Down payment
- $100,152
- Funds due
- $117,636
- Interest + MI left
- $1,314,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $682,848 | $682,848 | $898,848 |
| Second mortgage | — | $216,000 | — |
| First P&I | $3,238.05 | $3,238.05 | $6,089.11 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $179.77 |
| Taxes, insurance & HOA | $709.58 | $709.58 | $709.58 |
| Total housing payment | $3,947.63 | $5,495.09 | $6,978.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,152
Closing costs & prepaids$23,240
Usable credit−$0
Total buyer cash needed$123,392
Earnest money paid−$0
Remaining funds due$123,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,414.24
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)$1,198.75
Initial HOA (3 months)$279.99
Prepaid interest, first (9 days)$476.50
Prepaid interest, second (9 days)$412.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 2.83%
Interest already paid$118,036Through Dec 2026
Assumption only · ends Apr 2051$262,664
Assumption + second · ends Apr 2051, second Jan 2057$603,746
New conventional · ends Jan 2057$1,314,264