Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,164/mo
Lowest payment- Down payment
- $311,478
- Funds due
- $330,367
- Interest + MI left
- $216,390
- First ends
- Jul 2051
Assumption
Assumption + second
$4,790/mo
+$1,626/mo- Down payment
- $84,478
- Funds due
- $105,051
- Interest + MI left
- $574,842
- First ends
- Jul 2051
New loan
New conventional
$5,890/mo
+$2,726/mo- Down payment
- $84,478
- Funds due
- $100,054
- Interest + MI left
- $1,097,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,522 | $523,522 | $750,522 |
| Second mortgage | — | $227,000 | — |
| First P&I | $2,508.17 | $2,508.17 | $5,084.30 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $150.10 |
| Taxes, insurance & HOA | $655.67 | $655.67 | $655.67 |
| Total housing payment | $3,163.84 | $4,790.10 | $5,890.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,478
Closing costs & prepaids$20,572
Usable credit−$0
Total buyer cash needed$105,051
Earnest money paid−$0
Remaining funds due$105,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,617.61
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)$1,002.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$385.97
Prepaid interest, second (9 days)$433.79
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 7 moOf the original 30-year loan at 2.99%
Interest already paid$90,879Through Dec 2026
Assumption only · ends Jul 2051$216,390
Assumption + second · ends Jul 2051, second Jan 2057$574,842
New conventional · ends Jan 2057$1,097,387