Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,913/mo
Lowest payment- Down payment
- $658,254
- Funds due
- $679,666
- Interest + MI left
- $190,078
- First ends
- Aug 2051
Assumption
Assumption + second
$6,803/mo
+$3,890/mo- Down payment
- $115,254
- Funds due
- $138,032
- Interest + MI left
- $1,047,521
- First ends
- Aug 2051
New loan
New conventional
$7,985/mo
+$5,072/mo- Down payment
- $115,254
- Funds due
- $132,439
- Interest + MI left
- $1,567,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $490,746 | $490,746 | $1,033,746 |
| Second mortgage | — | $543,000 | — |
| First P&I | $2,292.33 | $2,292.33 | $7,157.45 |
| Second P&I | — | $3,890.12 | — |
| Mortgage insurance | — | — | $206.75 |
| Taxes, insurance & HOA | $620.83 | $620.83 | $620.83 |
| Total housing payment | $2,913.17 | $6,803.29 | $7,985.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,254
Closing costs & prepaids$22,777
Usable credit−$0
Total buyer cash needed$138,032
Earnest money paid−$0
Remaining funds due$138,032
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%)$2,453.73
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)$1,014.50
Initial HOA (3 months)$198.00
Prepaid interest, first (1 days)$37.65
Prepaid interest, second (1 days)$115.29
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 9 moOf the original 30-year loan at 2.800%
Interest already paid$77,274Through Nov 2026
Assumption only · ends Aug 2051$190,078
Assumption + second · ends Aug 2051, second Dec 2056$1,047,521
New conventional · ends Dec 2056$1,567,745