Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,866/mo
Lowest payment- Down payment
- $548,471
- Funds due
- $568,766
- Interest + MI left
- $185,259
- First ends
- Sep 2051
Assumption
Assumption + second
$6,075/mo
+$3,210/mo- Down payment
- $100,471
- Funds due
- $122,872
- Interest + MI left
- $892,689
- First ends
- Sep 2051
New loan
New conventional
$6,977/mo
+$4,112/mo- Down payment
- $100,471
- Funds due
- $117,991
- Interest + MI left
- $1,307,949
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,529 | $446,529 | $894,529 |
| Second mortgage | — | $448,000 | — |
| First P&I | $2,127.23 | $2,127.23 | $6,059.85 |
| Second P&I | — | $3,209.53 | — |
| Mortgage insurance | — | — | $178.91 |
| Taxes, insurance & HOA | $738.67 | $738.67 | $738.67 |
| Total housing payment | $2,865.90 | $6,075.43 | $6,977.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,471
Closing costs & prepaids$22,401
Usable credit−$0
Total buyer cash needed$122,872
Earnest money paid−$0
Remaining funds due$122,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,232.64
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)$1,194.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$328.11
Prepaid interest, second (9 days)$856.11
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$74,694Through Dec 2026
Assumption only · ends Sep 2051$185,259
Assumption + second · ends Sep 2051, second Jan 2057$892,689
New conventional · ends Jan 2057$1,307,949