Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,806/mo
Lowest payment- Down payment
- $314,528
- Funds due
- $335,264
- Interest + MI left
- $264,278
- First ends
- Apr 2051
Assumption
Assumption + second
$5,339/mo
+$1,533/mo- Down payment
- $100,528
- Funds due
- $122,559
- Interest + MI left
- $602,202
- First ends
- Apr 2051
New loan
New conventional
$6,968/mo
+$3,162/mo- Down payment
- $100,528
- Funds due
- $116,172
- Interest + MI left
- $1,362,593
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $684,472 | $684,472 | $898,472 |
| Second mortgage | — | $214,000 | — |
| First P&I | $3,238.05 | $3,238.05 | $6,220.84 |
| Second P&I | — | $1,533.12 | — |
| Mortgage insurance | — | — | $179.69 |
| Taxes, insurance & HOA | $567.50 | $567.50 | $567.50 |
| Total housing payment | $3,805.55 | $5,338.67 | $6,968.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,528
Closing costs & prepaids$22,031
Usable credit−$0
Total buyer cash needed$122,559
Earnest money paid−$0
Remaining funds due$122,559
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,422.36
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)$772.50
Initial HOA (3 months)$279.99
Prepaid interest, first (1 days)$53.07
Prepaid interest, second (1 days)$45.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 2.830%
Interest already paid$116,422Through Nov 2026
Assumption only · ends Apr 2051$264,278
Assumption + second · ends Apr 2051, second Dec 2056$602,202
New conventional · ends Dec 2056$1,362,593