Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,983/mo
Lowest payment- Down payment
- $329,760
- Funds due
- $348,047
- Interest + MI left
- $177,619
- First ends
- May 2051
Assumption
Assumption + second
$4,766/mo
+$1,784/mo- Down payment
- $80,760
- Funds due
- $100,350
- Interest + MI left
- $570,811
- First ends
- May 2051
New loan
New conventional
$5,899/mo
+$2,916/mo- Down payment
- $80,760
- Funds due
- $95,210
- Interest + MI left
- $1,089,116
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,240 | $469,240 | $718,240 |
| Second mortgage | — | $249,000 | — |
| First P&I | $2,200.20 | $2,200.20 | $4,972.95 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $143.65 |
| Taxes, insurance & HOA | $782.42 | $782.42 | $782.42 |
| Total housing payment | $2,982.62 | $4,766.48 | $5,899.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,760
Closing costs & prepaids$19,590
Usable credit−$0
Total buyer cash needed$100,350
Earnest money paid−$0
Remaining funds due$100,350
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%)$2,346.20
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)$1,322.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$35.61
Prepaid interest, second (1 days)$52.87
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 6 moOf the original 30-year loan at 2.770%
Interest already paid$76,903Through Nov 2026
Assumption only · ends May 2051$177,619
Assumption + second · ends May 2051, second Dec 2056$570,811
New conventional · ends Dec 2056$1,089,116