Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,472/mo
Lowest payment- Down payment
- $641,471
- Funds due
- $664,345
- Interest + MI left
- $223,617
- First ends
- Feb 2051
Assumption
Assumption + second
$7,183/mo
+$3,711/mo- Down payment
- $123,471
- Funds due
- $147,705
- Interest + MI left
- $1,041,582
- First ends
- Feb 2051
New loan
New conventional
$8,545/mo
+$5,073/mo- Down payment
- $123,471
- Funds due
- $141,578
- Interest + MI left
- $1,670,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $583,529 | $583,529 | $1,101,529 |
| Second mortgage | — | $518,000 | — |
| First P&I | $2,773.70 | $2,773.70 | $7,626.76 |
| Second P&I | — | $3,711.02 | — |
| Mortgage insurance | — | — | $220.31 |
| Taxes, insurance & HOA | $697.92 | $697.92 | $697.92 |
| Total housing payment | $3,471.61 | $7,182.63 | $8,544.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$123,471
Closing costs & prepaids$24,235
Usable credit−$0
Total buyer cash needed$147,705
Earnest money paid−$0
Remaining funds due$147,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,917.65
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)$972.75
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$45.24
Prepaid interest, second (1 days)$109.99
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 3 moOf the original 30-year loan at 2.830%
Interest already paid$102,488Through Nov 2026
Assumption only · ends Feb 2051$223,617
Assumption + second · ends Feb 2051, second Dec 2056$1,041,582
New conventional · ends Dec 2056$1,670,543