Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,219/mo
Lowest payment- Down payment
- $523,711
- Funds due
- $548,194
- Interest + MI left
- $264,033
- First ends
- Feb 2051
Assumption
Assumption + second
$7,070/mo
+$2,851/mo- Down payment
- $125,711
- Funds due
- $152,035
- Interest + MI left
- $892,508
- First ends
- Feb 2051
New loan
New conventional
$8,641/mo
+$4,423/mo- Down payment
- $125,711
- Funds due
- $145,687
- Interest + MI left
- $1,642,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $725,289 | $725,289 | $1,123,289 |
| Second mortgage | — | $398,000 | — |
| First P&I | $3,411.45 | $3,411.45 | $7,609.55 |
| Second P&I | — | $2,851.32 | — |
| Mortgage insurance | — | — | $224.66 |
| Taxes, insurance & HOA | $807.25 | $807.25 | $807.25 |
| Total housing payment | $4,218.70 | $7,070.03 | $8,641.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,711
Closing costs & prepaids$26,325
Usable credit−$0
Total buyer cash needed$152,035
Earnest money paid−$0
Remaining funds due$152,035
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,626.45
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)$1,498.75
Initial HOA (3 months)$273.00
Prepaid interest, first (7 days)$376.95
Prepaid interest, second (7 days)$591.55
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$124,091Through Dec 2026
Assumption only · ends Feb 2051$264,033
Assumption + second · ends Feb 2051, second Jan 2057$892,508
New conventional · ends Jan 2057$1,642,434