Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,496/mo
Lowest payment- Down payment
- $220,767
- Funds due
- $246,205
- Interest + MI left
- $383,386
- First ends
- Feb 2051
Assumption
Assumption + second
$6,284/mo
+$789/mo- Down payment
- $122,767
- Funds due
- $149,600
- Interest + MI left
- $569,257
- First ends
- Feb 2051
New loan
New conventional
$8,398/mo
+$2,902/mo- Down payment
- $122,767
- Funds due
- $141,998
- Interest + MI left
- $1,611,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,004,233 | $1,004,233 | $1,102,233 |
| Second mortgage | — | $98,000 | — |
| First P&I | $4,784.90 | $4,784.90 | $7,466.91 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $220.45 |
| Taxes, insurance & HOA | $710.84 | $710.84 | $710.84 |
| Total housing payment | $5,495.73 | $6,284.26 | $8,398.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$122,767
Closing costs & prepaids$26,834
Usable credit−$0
Total buyer cash needed$149,600
Earnest money paid−$0
Remaining funds due$149,600
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%)$5,021.17
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)$1,470.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$467.17
Prepaid interest, second (6 days)$144.99
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$179,176Through Dec 2026
Assumption only · ends Feb 2051$383,386
Assumption + second · ends Feb 2051, second Jan 2057$569,257
New conventional · ends Jan 2057$1,611,647