Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,946/mo
Lowest payment- Down payment
- $576,815
- Funds due
- $603,560
- Interest + MI left
- $344,898
- First ends
- Jul 2051
Assumption
Assumption + second
$8,069/mo
+$3,124/mo- Down payment
- $140,815
- Funds due
- $168,902
- Interest + MI left
- $1,033,379
- First ends
- Jul 2051
New loan
New conventional
$9,966/mo
+$5,020/mo- Down payment
- $140,815
- Funds due
- $161,435
- Interest + MI left
- $1,908,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $822,185 | $822,185 | $1,258,185 |
| Second mortgage | — | $436,000 | — |
| First P&I | $3,942.85 | $3,942.85 | $8,711.42 |
| Second P&I | — | $3,123.56 | — |
| Mortgage insurance | — | — | $251.64 |
| Taxes, insurance & HOA | $1,002.75 | $1,002.75 | $1,002.75 |
| Total housing payment | $4,945.60 | $8,069.16 | $9,965.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,815
Closing costs & prepaids$28,088
Usable credit−$0
Total buyer cash needed$168,902
Earnest money paid−$0
Remaining funds due$168,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,110.93
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)$1,758.25
Initial HOA (3 months)$600.00
Prepaid interest, first (1 days)$68.03
Prepaid interest, second (1 days)$92.58
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 8 moOf the original 30-year loan at 3.020%
Interest already paid$141,714Through Nov 2026
Assumption only · ends Jul 2051$344,898
Assumption + second · ends Jul 2051, second Dec 2056$1,033,379
New conventional · ends Dec 2056$1,908,122