Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $378,694
- Funds due
- $396,499
- Interest + MI left
- $175,028
- First ends
- Oct 2051
Assumption
Assumption + second
$4,745/mo
+$2,135/mo- Down payment
- $80,694
- Funds due
- $100,319
- Interest + MI left
- $645,595
- First ends
- Oct 2051
New loan
New conventional
$5,622/mo
+$3,012/mo- Down payment
- $80,694
- Funds due
- $95,761
- Interest + MI left
- $1,050,282
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,306 | $420,306 | $718,306 |
| Second mortgage | — | $298,000 | — |
| First P&I | $1,997.76 | $1,997.76 | $4,866.06 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | — | — | $143.66 |
| Taxes, insurance & HOA | $612.25 | $612.25 | $612.25 |
| Total housing payment | $2,610.01 | $4,744.92 | $5,621.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,694
Closing costs & prepaids$19,625
Usable credit−$0
Total buyer cash needed$100,319
Earnest money paid−$0
Remaining funds due$100,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,101.53
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)$958.75
Initial HOA (3 months)$228.00
Prepaid interest, first (9 days)$308.84
Prepaid interest, second (9 days)$569.47
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$69,104Through Dec 2026
Assumption only · ends Oct 2051$175,028
Assumption + second · ends Oct 2051, second Jan 2057$645,595
New conventional · ends Jan 2057$1,050,282