Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,035/mo
Lowest payment- Down payment
- $659,402
- Funds due
- $681,472
- Interest + MI left
- $188,933
- First ends
- Aug 2051
Assumption
Assumption + second
$6,932/mo
+$3,897/mo- Down payment
- $115,402
- Funds due
- $139,762
- Interest + MI left
- $1,047,955
- First ends
- Aug 2051
New loan
New conventional
$7,951/mo
+$4,916/mo- Down payment
- $115,402
- Funds due
- $134,570
- Interest + MI left
- $1,511,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,598 | $489,598 | $1,033,598 |
| Second mortgage | — | $544,000 | — |
| First P&I | $2,292.33 | $2,292.33 | $7,001.95 |
| Second P&I | — | $3,897.28 | — |
| Mortgage insurance | — | — | $206.72 |
| Taxes, insurance & HOA | $742.25 | $742.25 | $742.25 |
| Total housing payment | $3,034.58 | $6,931.87 | $7,950.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,402
Closing costs & prepaids$24,360
Usable credit−$0
Total buyer cash needed$139,762
Earnest money paid−$0
Remaining funds due$139,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,447.99
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)$1,378.75
Initial HOA (3 months)$198.00
Prepaid interest, first (9 days)$338.02
Prepaid interest, second (9 days)$1,039.56
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 8 moOf the original 30-year loan at 2.8%
Interest already paid$78,419Through Dec 2026
Assumption only · ends Aug 2051$188,933
Assumption + second · ends Aug 2051, second Jan 2057$1,047,955
New conventional · ends Jan 2057$1,511,291