Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,490/mo
Lowest payment- Down payment
- $731,514
- Funds due
- $758,817
- Interest + MI left
- $294,451
- First ends
- Apr 2051
Assumption
Assumption + second
$8,653/mo
+$4,162/mo- Down payment
- $150,514
- Funds due
- $179,807
- Interest + MI left
- $1,211,899
- First ends
- Apr 2051
New loan
New conventional
$10,251/mo
+$5,761/mo- Down payment
- $150,514
- Funds due
- $172,925
- Interest + MI left
- $1,968,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $765,486 | $765,486 | $1,346,486 |
| Second mortgage | — | $581,000 | — |
| First P&I | $3,629.92 | $3,629.92 | $9,121.57 |
| Second P&I | — | $4,162.36 | — |
| Mortgage insurance | — | — | $269.30 |
| Taxes, insurance & HOA | $860.50 | $860.50 | $860.50 |
| Total housing payment | $4,490.42 | $8,652.78 | $10,251.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,514
Closing costs & prepaids$29,293
Usable credit−$0
Total buyer cash needed$179,807
Earnest money paid−$0
Remaining funds due$179,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,970.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,827.43
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)$1,796.50
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$356.11
Prepaid interest, second (6 days)$740.18
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 4 moOf the original 30-year loan at 2.83%
Interest already paid$132,321Through Dec 2026
Assumption only · ends Apr 2051$294,451
Assumption + second · ends Apr 2051, second Jan 2057$1,211,899
New conventional · ends Jan 2057$1,968,785