Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,073/mo
Lowest payment- Down payment
- $479,182
- Funds due
- $502,261
- Interest + MI left
- $299,042
- First ends
- Jun 2051
Assumption
Assumption + second
$6,645/mo
+$2,572/mo- Down payment
- $120,182
- Funds due
- $144,587
- Interest + MI left
- $865,933
- First ends
- Jun 2051
New loan
New conventional
$8,308/mo
+$4,235/mo- Down payment
- $120,182
- Funds due
- $137,822
- Interest + MI left
- $1,637,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $720,818 | $720,818 | $1,079,818 |
| Second mortgage | — | $359,000 | — |
| First P&I | $3,457.15 | $3,457.15 | $7,476.44 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $215.96 |
| Taxes, insurance & HOA | $616.08 | $616.08 | $616.08 |
| Total housing payment | $4,073.24 | $6,645.16 | $8,308.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,182
Closing costs & prepaids$24,406
Usable credit−$0
Total buyer cash needed$144,587
Earnest money paid−$0
Remaining funds due$144,587
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,604.09
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)$941.75
Initial HOA (3 months)$256.50
Prepaid interest, first (1 days)$59.25
Prepaid interest, second (1 days)$76.23
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 7 moOf the original 30-year loan at 3.000%
Interest already paid$125,533Through Nov 2026
Assumption only · ends Jun 2051$299,042
Assumption + second · ends Jun 2051, second Dec 2056$865,933
New conventional · ends Dec 2056$1,637,617