Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,401/mo
Lowest payment- Down payment
- $273,757
- Funds due
- $296,557
- Interest + MI left
- $307,623
- First ends
- Dec 2051
Assumption
Assumption + second
$5,619/mo
+$1,218/mo- Down payment
- $107,757
- Funds due
- $132,025
- Interest + MI left
- $580,121
- First ends
- Dec 2051
New loan
New conventional
$7,450/mo
+$3,050/mo- Down payment
- $107,757
- Funds due
- $125,459
- Interest + MI left
- $1,414,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $801,243 | $801,243 | $967,243 |
| Second mortgage | — | $166,000 | — |
| First P&I | $3,696.22 | $3,696.22 | $6,552.44 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $193.45 |
| Taxes, insurance & HOA | $704.34 | $704.34 | $704.34 |
| Total housing payment | $4,400.56 | $5,618.61 | $7,450.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,757
Closing costs & prepaids$24,268
Usable credit−$0
Total buyer cash needed$132,025
Earnest money paid−$0
Remaining funds due$132,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,006.21
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)$1,290.00
Initial HOA (3 months)$173.01
Prepaid interest, first (6 days)$362.21
Prepaid interest, second (6 days)$218.30
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 closing25 yrOf the original 30-year loan at 2.75%
Interest already paid$117,615Through Dec 2026
Assumption only · ends Dec 2051$307,623
Assumption + second · ends Dec 2051, second Jan 2057$580,121
New conventional · ends Jan 2057$1,414,269