Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,397/mo
Lowest payment- Down payment
- $363,290
- Funds due
- $386,695
- Interest + MI left
- $294,462
- First ends
- Mar 2051
Assumption
Assumption + second
$6,174/mo
+$1,777/mo- Down payment
- $115,290
- Funds due
- $140,261
- Interest + MI left
- $686,075
- First ends
- Mar 2051
New loan
New conventional
$7,898/mo
+$3,501/mo- Down payment
- $115,290
- Funds due
- $133,678
- Interest + MI left
- $1,512,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $786,710 | $786,710 | $1,034,710 |
| Second mortgage | — | $248,000 | — |
| First P&I | $3,715.37 | $3,715.37 | $7,009.49 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | — | — | $206.94 |
| Taxes, insurance & HOA | $681.67 | $681.67 | $681.67 |
| Total housing payment | $4,397.03 | $6,173.74 | $7,898.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,290
Closing costs & prepaids$24,971
Usable credit−$0
Total buyer cash needed$140,261
Earnest money paid−$0
Remaining funds due$140,261
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%)$3,933.55
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)$15.00
Prepaid interest, first (6 days)$358.22
Prepaid interest, second (6 days)$315.95
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 3 moOf the original 30-year loan at 2.77%
Interest already paid$135,336Through Dec 2026
Assumption only · ends Mar 2051$294,462
Assumption + second · ends Mar 2051, second Jan 2057$686,075
New conventional · ends Jan 2057$1,512,917