Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,138/mo
Lowest payment- Down payment
- $422,871
- Funds due
- $446,070
- Interest + MI left
- $265,671
- First ends
- Apr 2051
Assumption
Assumption + second
$6,352/mo
+$2,214/mo- Down payment
- $113,871
- Funds due
- $138,780
- Interest + MI left
- $753,608
- First ends
- Apr 2051
New loan
New conventional
$7,894/mo
+$3,755/mo- Down payment
- $113,871
- Funds due
- $132,626
- Interest + MI left
- $1,485,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $707,129 | $707,129 | $1,016,129 |
| Second mortgage | — | $309,000 | — |
| First P&I | $3,331.51 | $3,331.51 | $6,883.61 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | — | — | $203.23 |
| Taxes, insurance & HOA | $806.67 | $806.67 | $806.67 |
| Total housing payment | $4,138.17 | $6,351.89 | $7,893.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,871
Closing costs & prepaids$24,909
Usable credit−$0
Total buyer cash needed$138,780
Earnest money paid−$0
Remaining funds due$138,780
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,535.65
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)$1,356.00
Initial HOA (3 months)$414.00
Prepaid interest, first (7 days)$375.65
Prepaid interest, second (7 days)$459.27
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$119,722Through Dec 2026
Assumption only · ends Apr 2051$265,671
Assumption + second · ends Apr 2051, second Jan 2057$753,608
New conventional · ends Jan 2057$1,485,749