Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,836/mo
Lowest payment- Down payment
- $626,255
- Funds due
- $660,169
- Interest + MI left
- $458,042
- First ends
- Mar 2051
Assumption
Assumption + second
$9,995/mo
+$3,159/mo- Down payment
- $185,255
- Funds due
- $220,981
- Interest + MI left
- $1,154,418
- First ends
- Mar 2051
New loan
New conventional
$12,667/mo
+$5,831/mo- Down payment
- $185,255
- Funds due
- $211,812
- Interest + MI left
- $2,434,133
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,223,745 | $1,223,745 | $1,664,745 |
| Second mortgage | — | $441,000 | — |
| First P&I | $5,779.33 | $5,779.33 | $11,277.56 |
| Second P&I | — | $3,159.38 | — |
| Mortgage insurance | — | — | $332.95 |
| Taxes, insurance & HOA | $1,056.67 | $1,056.67 | $1,056.67 |
| Total housing payment | $6,836.00 | $9,995.38 | $12,667.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$185,255
Closing costs & prepaids$35,726
Usable credit−$0
Total buyer cash needed$220,981
Earnest money paid−$0
Remaining funds due$220,981
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$18,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$6,118.72
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)$2,220.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$557.22
Prepaid interest, second (6 days)$561.82
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$210,519Through Dec 2026
Assumption only · ends Mar 2051$458,042
Assumption + second · ends Mar 2051, second Jan 2057$1,154,418
New conventional · ends Jan 2057$2,434,133