Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
Lowest payment- Down payment
- $763,302
- Funds due
- $784,575
- Interest + MI left
- $148,146
- First ends
- May 2051
Assumption
Assumption + second
$7,165/mo
+$4,642/mo- Down payment
- $115,302
- Funds due
- $138,650
- Interest + MI left
- $1,171,392
- First ends
- May 2051
New loan
New conventional
$7,914/mo
+$5,391/mo- Down payment
- $115,302
- Funds due
- $133,738
- Interest + MI left
- $1,512,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,698 | $386,698 | $1,034,698 |
| Second mortgage | — | $648,000 | — |
| First P&I | $1,825.40 | $1,825.40 | $7,009.40 |
| Second P&I | — | $4,642.35 | — |
| Mortgage insurance | — | — | $206.94 |
| Taxes, insurance & HOA | $697.50 | $697.50 | $697.50 |
| Total housing payment | $2,522.90 | $7,165.25 | $7,913.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,302
Closing costs & prepaids$23,348
Usable credit−$0
Total buyer cash needed$138,650
Earnest money paid−$0
Remaining funds due$138,650
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,933.49
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)$1,380.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$178.62
Prepaid interest, second (6 days)$825.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.81%
Interest already paid$65,323Through Dec 2026
Assumption only · ends May 2051$148,146
Assumption + second · ends May 2051, second Jan 2057$1,171,392
New conventional · ends Jan 2057$1,512,900