Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,377/mo
Lowest payment- Down payment
- $716,511
- Funds due
- $737,894
- Interest + MI left
- $166,150
- First ends
- Nov 2055
Assumption
Assumption + second
$6,668/mo
+$4,291/mo- Down payment
- $117,511
- Funds due
- $140,271
- Interest + MI left
- $1,112,021
- First ends
- Nov 2055
New loan
New conventional
$8,115/mo
+$5,738/mo- Down payment
- $117,511
- Funds due
- $134,820
- Interest + MI left
- $1,603,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $458,489 | $458,489 | $1,057,489 |
| Second mortgage | — | $599,000 | — |
| First P&I | $1,794.94 | $1,794.94 | $7,321.84 |
| Second P&I | — | $4,291.31 | — |
| Mortgage insurance | — | — | $211.50 |
| Taxes, insurance & HOA | $581.58 | $581.58 | $581.58 |
| Total housing payment | $2,376.52 | $6,667.83 | $8,114.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,511
Closing costs & prepaids$22,761
Usable credit−$0
Total buyer cash needed$140,271
Earnest money paid−$0
Remaining funds due$140,271
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,292.45
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)$1,053.50
Initial HOA (3 months)$41.25
Prepaid interest, first (1 days)$28.26
Prepaid interest, second (1 days)$127.18
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 closing29 yrOf the original 30-year loan at 2.250%
Interest already paid$10,452Through Nov 2026
Assumption only · ends Nov 2055$166,150
Assumption + second · ends Nov 2055, second Dec 2056$1,112,021
New conventional · ends Dec 2056$1,603,753