Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,975/mo
Lowest payment- Down payment
- $660,687
- Funds due
- $679,474
- Interest + MI left
- $86,190
- First ends
- Dec 2051
Assumption
Assumption + second
$6,022/mo
+$4,048/mo- Down payment
- $95,687
- Funds due
- $116,444
- Interest + MI left
- $978,373
- First ends
- Dec 2051
New loan
New conventional
$6,681/mo
+$4,706/mo- Down payment
- $95,687
- Funds due
- $112,182
- Interest + MI left
- $1,249,001
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,213 | $289,213 | $854,213 |
| Second mortgage | — | $565,000 | — |
| First P&I | $1,251.34 | $1,251.34 | $5,786.74 |
| Second P&I | — | $4,047.73 | — |
| Mortgage insurance | — | — | $170.84 |
| Taxes, insurance & HOA | $723.34 | $723.34 | $723.34 |
| Total housing payment | $1,974.68 | $6,022.41 | $6,680.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,687
Closing costs & prepaids$20,757
Usable credit−$0
Total buyer cash needed$116,444
Earnest money paid−$0
Remaining funds due$116,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,446.06
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)$1,140.00
Initial HOA (3 months)$380.01
Prepaid interest, first (6 days)$103.64
Prepaid interest, second (6 days)$719.79
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 closing25 yrOf the original 30-year loan at 2.18%
Interest already paid$33,850Through Dec 2026
Assumption only · ends Dec 2051$86,190
Assumption + second · ends Dec 2051, second Jan 2057$978,373
New conventional · ends Jan 2057$1,249,001