Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,757/mo
Lowest payment- Down payment
- $910,376
- Funds due
- $940,307
- Interest + MI left
- $329,694
- First ends
- Aug 2051
Assumption
Assumption + second
$10,044/mo
+$5,287/mo- Down payment
- $172,376
- Funds due
- $204,497
- Interest + MI left
- $1,495,059
- First ends
- Aug 2051
New loan
New conventional
$11,702/mo
+$6,945/mo- Down payment
- $172,376
- Funds due
- $197,178
- Interest + MI left
- $2,262,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $809,624 | $809,624 | $1,547,624 |
| Second mortgage | — | $738,000 | — |
| First P&I | $3,849.05 | $3,849.05 | $10,484.14 |
| Second P&I | — | $5,287.12 | — |
| Mortgage insurance | — | — | $309.52 |
| Taxes, insurance & HOA | $908.00 | $908.00 | $908.00 |
| Total housing payment | $4,757.05 | $10,044.17 | $11,701.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$172,376
Closing costs & prepaids$32,122
Usable credit−$0
Total buyer cash needed$204,497
Earnest money paid−$0
Remaining funds due$204,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,048.12
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)$2,064.00
Initial HOA (3 months)$9.99
Prepaid interest, first (6 days)$391.28
Prepaid interest, second (6 days)$940.19
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 8 moOf the original 30-year loan at 2.94%
Interest already paid$135,963Through Dec 2026
Assumption only · ends Aug 2051$329,694
Assumption + second · ends Aug 2051, second Jan 2057$1,495,059
New conventional · ends Jan 2057$2,262,882