Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
Lowest payment- Down payment
- $752,153
- Funds due
- $774,359
- Interest + MI left
- $171,051
- First ends
- Dec 2050
Assumption
Assumption + second
$7,379/mo
+$4,528/mo- Down payment
- $120,153
- Funds due
- $144,817
- Interest + MI left
- $1,169,032
- First ends
- Dec 2050
New loan
New conventional
$8,216/mo
+$5,365/mo- Down payment
- $120,153
- Funds due
- $139,738
- Interest + MI left
- $1,571,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,847 | $442,847 | $1,074,847 |
| Second mortgage | — | $632,000 | — |
| First P&I | $2,131.59 | $2,131.59 | $7,281.39 |
| Second P&I | — | $4,527.73 | — |
| Mortgage insurance | — | — | $214.97 |
| Taxes, insurance & HOA | $719.67 | $719.67 | $719.67 |
| Total housing payment | $2,851.25 | $7,378.98 | $8,216.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,153
Closing costs & prepaids$24,663
Usable credit−$0
Total buyer cash needed$144,817
Earnest money paid−$0
Remaining funds due$144,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,214.23
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)$1,434.00
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$314.48
Prepaid interest, second (9 days)$1,207.73
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 yrOf the original 30-year loan at 2.88%
Interest already paid$82,883Through Dec 2026
Assumption only · ends Dec 2050$171,051
Assumption + second · ends Dec 2050, second Jan 2057$1,169,032
New conventional · ends Jan 2057$1,571,604