Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,887/mo
Lowest payment- Down payment
- $721,960
- Funds due
- $747,126
- Interest + MI left
- $243,703
- First ends
- Oct 2051
Assumption
Assumption + second
$8,093/mo
+$4,205/mo- Down payment
- $134,960
- Funds due
- $161,501
- Interest + MI left
- $1,170,625
- First ends
- Oct 2051
New loan
New conventional
$9,624/mo
+$5,736/mo- Down payment
- $134,960
- Funds due
- $155,047
- Interest + MI left
- $1,841,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $627,040 | $627,040 | $1,214,040 |
| Second mortgage | — | $587,000 | — |
| First P&I | $2,912.18 | $2,912.18 | $8,405.77 |
| Second P&I | — | $4,205.34 | — |
| Mortgage insurance | — | — | $242.81 |
| Taxes, insurance & HOA | $975.00 | $975.00 | $975.00 |
| Total housing payment | $3,887.18 | $8,092.52 | $9,623.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$134,960
Closing costs & prepaids$26,541
Usable credit−$0
Total buyer cash needed$161,501
Earnest money paid−$0
Remaining funds due$161,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,135.20
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)$1,627.00
Initial HOA (3 months)$648.00
Prepaid interest, first (1 days)$47.93
Prepaid interest, second (1 days)$124.64
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 11 moOf the original 30-year loan at 2.790%
Interest already paid$95,023Through Nov 2026
Assumption only · ends Oct 2051$243,703
Assumption + second · ends Oct 2051, second Dec 2056$1,170,625
New conventional · ends Dec 2056$1,841,173