Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $805,087
- Funds due
- $826,921
- Interest + MI left
- $172,116
- First ends
- Dec 2050
Assumption
Assumption + second
$7,510/mo
+$4,872/mo- Down payment
- $125,087
- Funds due
- $148,316
- Interest + MI left
- $1,245,893
- First ends
- Dec 2050
New loan
New conventional
$8,514/mo
+$5,875/mo- Down payment
- $125,087
- Funds due
- $142,851
- Interest + MI left
- $1,704,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,913 | $443,913 | $1,123,913 |
| Second mortgage | — | $680,000 | — |
| First P&I | $2,131.59 | $2,131.59 | $7,781.75 |
| Second P&I | — | $4,871.60 | — |
| Mortgage insurance | — | — | $224.78 |
| Taxes, insurance & HOA | $507.25 | $507.25 | $507.25 |
| Total housing payment | $2,638.84 | $7,510.44 | $8,513.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,087
Closing costs & prepaids$23,229
Usable credit−$0
Total buyer cash needed$148,316
Earnest money paid−$0
Remaining funds due$148,316
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,219.56
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)$796.75
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$35.03
Prepaid interest, second (1 days)$144.38
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 1 moOf the original 30-year loan at 2.880%
Interest already paid$81,818Through Nov 2026
Assumption only · ends Dec 2050$172,116
Assumption + second · ends Dec 2050, second Dec 2056$1,245,893
New conventional · ends Dec 2056$1,704,490