Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,372/mo
Lowest payment- Down payment
- $488,675
- Funds due
- $513,276
- Interest + MI left
- $293,951
- First ends
- May 2051
Assumption
Assumption + second
$6,973/mo
+$2,601/mo- Down payment
- $125,675
- Funds due
- $152,065
- Interest + MI left
- $867,159
- First ends
- May 2051
New loan
New conventional
$8,612/mo
+$4,240/mo- Down payment
- $125,675
- Funds due
- $145,554
- Interest + MI left
- $1,643,949
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $761,325 | $761,325 | $1,124,325 |
| Second mortgage | — | $363,000 | — |
| First P&I | $3,601.62 | $3,601.62 | $7,616.57 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | — | — | $224.87 |
| Taxes, insurance & HOA | $770.84 | $770.84 | $770.84 |
| Total housing payment | $4,372.46 | $6,973.04 | $8,612.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,675
Closing costs & prepaids$26,390
Usable credit−$0
Total buyer cash needed$152,065
Earnest money paid−$0
Remaining funds due$152,065
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,806.62
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)$1,500.00
Initial HOA (3 months)$162.51
Prepaid interest, first (7 days)$413.20
Prepaid interest, second (7 days)$539.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.83%
Interest already paid$129,494Through Dec 2026
Assumption only · ends May 2051$293,951
Assumption + second · ends May 2051, second Jan 2057$867,159
New conventional · ends Jan 2057$1,643,949