Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,078/mo
Lowest payment- Down payment
- $476,584
- Funds due
- $493,692
- Interest + MI left
- $118,486
- First ends
- Oct 2051
Assumption
Assumption + second
$4,930/mo
+$2,851/mo- Down payment
- $78,584
- Funds due
- $97,703
- Interest + MI left
- $746,961
- First ends
- Oct 2051
New loan
New conventional
$5,572/mo
+$3,494/mo- Down payment
- $78,584
- Funds due
- $93,611
- Interest + MI left
- $1,032,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,416 | $308,416 | $706,416 |
| Second mortgage | — | $398,000 | — |
| First P&I | $1,432.55 | $1,432.55 | $4,785.51 |
| Second P&I | — | $2,851.32 | — |
| Mortgage insurance | — | — | $141.28 |
| Taxes, insurance & HOA | $645.67 | $645.67 | $645.67 |
| Total housing payment | $2,078.22 | $4,929.54 | $5,572.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,584
Closing costs & prepaids$19,118
Usable credit−$0
Total buyer cash needed$97,703
Earnest money paid−$0
Remaining funds due$97,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,542.08
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)$942.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$210.65
Prepaid interest, second (9 days)$760.56
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 2.77%
Interest already paid$47,234Through Dec 2026
Assumption only · ends Oct 2051$118,486
Assumption + second · ends Oct 2051, second Jan 2057$746,961
New conventional · ends Jan 2057$1,032,897