Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,669/mo
Lowest payment- Down payment
- $664,498
- Funds due
- $688,933
- Interest + MI left
- $187,941
- First ends
- Jan 2051
Assumption
Assumption + second
$7,495/mo
+$3,826/mo- Down payment
- $130,498
- Funds due
- $156,863
- Interest + MI left
- $1,031,172
- First ends
- Jan 2051
New loan
New conventional
$8,973/mo
+$5,304/mo- Down payment
- $130,498
- Funds due
- $150,807
- Interest + MI left
- $1,708,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $634,502 | $634,502 | $1,168,502 |
| Second mortgage | — | $534,000 | — |
| First P&I | $2,845.82 | $2,845.82 | $7,915.84 |
| Second P&I | — | $3,825.64 | — |
| Mortgage insurance | — | — | $233.70 |
| Taxes, insurance & HOA | $823.25 | $823.25 | $823.25 |
| Total housing payment | $3,669.07 | $7,494.71 | $8,972.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,498
Closing costs & prepaids$26,365
Usable credit−$0
Total buyer cash needed$156,863
Earnest money paid−$0
Remaining funds due$156,863
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,172.51
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)$1,558.75
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$234.68
Prepaid interest, second (6 days)$680.30
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 1 moOf the original 30-year loan at 2.25%
Interest already paid$92,055Through Dec 2026
Assumption only · ends Jan 2051$187,941
Assumption + second · ends Jan 2051, second Jan 2057$1,031,172
New conventional · ends Jan 2057$1,708,543