Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,121/mo
Lowest payment- Down payment
- $842,919
- Funds due
- $863,913
- Interest + MI left
- $84,094
- First ends
- May 2051
Assumption
Assumption + second
$7,351/mo
+$5,230/mo- Down payment
- $112,919
- Funds due
- $136,558
- Interest + MI left
- $1,236,826
- First ends
- May 2051
New loan
New conventional
$7,927/mo
+$5,805/mo- Down payment
- $112,919
- Funds due
- $132,220
- Interest + MI left
- $1,478,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,081 | $281,081 | $1,011,081 |
| Second mortgage | — | $730,000 | — |
| First P&I | $1,246.33 | $1,246.33 | $6,849.41 |
| Second P&I | — | $5,229.81 | — |
| Mortgage insurance | — | — | $202.22 |
| Taxes, insurance & HOA | $874.92 | $874.92 | $874.92 |
| Total housing payment | $2,121.25 | $7,351.06 | $7,926.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,919
Closing costs & prepaids$23,638
Usable credit−$0
Total buyer cash needed$136,558
Earnest money paid−$0
Remaining funds due$136,558
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,405.40
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)$1,348.75
Initial HOA (3 months)$626.01
Prepaid interest, first (9 days)$155.25
Prepaid interest, second (9 days)$1,395.00
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 5 moOf the original 30-year loan at 2.24%
Interest already paid$38,095Through Dec 2026
Assumption only · ends May 2051$84,094
Assumption + second · ends May 2051, second Jan 2057$1,236,826
New conventional · ends Jan 2057$1,478,368