Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,064/mo
Lowest payment- Down payment
- $782,375
- Funds due
- $808,538
- Interest + MI left
- $232,863
- First ends
- Apr 2051
Assumption
Assumption + second
$8,663/mo
+$4,599/mo- Down payment
- $140,375
- Funds due
- $167,924
- Interest + MI left
- $1,246,635
- First ends
- Apr 2051
New loan
New conventional
$10,116/mo
+$6,052/mo- Down payment
- $140,375
- Funds due
- $161,485
- Interest + MI left
- $1,902,723
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,625 | $612,625 | $1,254,625 |
| Second mortgage | — | $642,000 | — |
| First P&I | $2,885.62 | $2,885.62 | $8,686.77 |
| Second P&I | — | $4,599.37 | — |
| Mortgage insurance | — | — | $250.92 |
| Taxes, insurance & HOA | $1,178.25 | $1,178.25 | $1,178.25 |
| Total housing payment | $4,063.88 | $8,663.24 | $10,115.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,375
Closing costs & prepaids$27,549
Usable credit−$0
Total buyer cash needed$167,924
Earnest money paid−$0
Remaining funds due$167,924
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,063.12
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)$1,259.75
Initial HOA (3 months)$1,625.01
Prepaid interest, first (1 days)$46.83
Prepaid interest, second (1 days)$136.32
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$102,773Through Nov 2026
Assumption only · ends Apr 2051$232,863
Assumption + second · ends Apr 2051, second Dec 2056$1,246,635
New conventional · ends Dec 2056$1,902,723