Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,091/mo
Lowest payment- Down payment
- $274,061
- Funds due
- $292,306
- Interest + MI left
- $170,681
- First ends
- Apr 2051
Assumption
Assumption + second
$4,551/mo
+$1,460/mo- Down payment
- $75,061
- Funds due
- $94,774
- Interest + MI left
- $497,350
- First ends
- Apr 2051
New loan
New conventional
$5,580/mo
+$2,489/mo- Down payment
- $75,061
- Funds due
- $89,877
- Interest + MI left
- $985,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,939 | $474,939 | $673,939 |
| Second mortgage | — | $199,000 | — |
| First P&I | $2,211.03 | $2,211.03 | $4,565.50 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | — | — | $134.79 |
| Taxes, insurance & HOA | $879.58 | $879.58 | $879.58 |
| Total housing payment | $3,090.61 | $4,550.80 | $5,579.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,061
Closing costs & prepaids$19,713
Usable credit−$0
Total buyer cash needed$94,774
Earnest money paid−$0
Remaining funds due$94,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,374.69
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)$1,910.00
Initial HOA (3 months)$78.75
Prepaid interest, first (5 days)$173.06
Prepaid interest, second (5 days)$218.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 30-year loan at 2.66%
Interest already paid$77,313Through Dec 2026
Assumption only · ends Apr 2051$170,681
Assumption + second · ends Apr 2051, second Jan 2057$497,350
New conventional · ends Jan 2057$985,410