Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,915/mo
Lowest payment- Down payment
- $407,369
- Funds due
- $426,249
- Interest + MI left
- $171,202
- First ends
- Feb 2051
Assumption
Assumption + second
$5,200/mo
+$2,285/mo- Down payment
- $88,369
- Funds due
- $108,635
- Interest + MI left
- $674,929
- First ends
- Feb 2051
New loan
New conventional
$6,320/mo
+$3,405/mo- Down payment
- $88,369
- Funds due
- $103,489
- Interest + MI left
- $1,191,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $466,631 | $466,631 | $785,631 |
| Second mortgage | — | $319,000 | — |
| First P&I | $2,191.86 | $2,191.86 | $5,439.55 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | — | — | $157.13 |
| Taxes, insurance & HOA | $723.25 | $723.25 | $723.25 |
| Total housing payment | $2,915.11 | $5,200.47 | $6,319.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,369
Closing costs & prepaids$20,266
Usable credit−$0
Total buyer cash needed$108,635
Earnest money paid−$0
Remaining funds due$108,635
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,333.15
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)$768.75
Initial HOA (3 months)$750.99
Prepaid interest, first (2 days)$69.55
Prepaid interest, second (2 days)$135.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 2.720%
Interest already paid$78,870Through Nov 2026
Assumption only · ends Feb 2051$171,202
Assumption + second · ends Feb 2051, second Dec 2056$674,929
New conventional · ends Dec 2056$1,191,305