Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
Lowest payment- Down payment
- $641,634
- Funds due
- $663,196
- Interest + MI left
- $176,249
- First ends
- Oct 2051
Assumption
Assumption + second
$6,769/mo
+$3,811/mo- Down payment
- $109,634
- Funds due
- $133,237
- Interest + MI left
- $1,016,322
- First ends
- Oct 2051
New loan
New conventional
$7,717/mo
+$4,759/mo- Down payment
- $109,634
- Funds due
- $128,153
- Interest + MI left
- $1,440,768
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $453,366 | $453,366 | $985,366 |
| Second mortgage | — | $532,000 | — |
| First P&I | $2,112.80 | $2,112.80 | $6,675.21 |
| Second P&I | — | $3,811.31 | — |
| Mortgage insurance | — | — | $197.07 |
| Taxes, insurance & HOA | $844.67 | $844.67 | $844.67 |
| Total housing payment | $2,957.47 | $6,768.78 | $7,716.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$109,634
Closing costs & prepaids$23,603
Usable credit−$0
Total buyer cash needed$133,237
Earnest money paid−$0
Remaining funds due$133,237
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,266.83
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)$1,314.00
Initial HOA (3 months)$570.00
Prepaid interest, first (7 days)$243.45
Prepaid interest, second (7 days)$790.71
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$70,164Through Dec 2026
Assumption only · ends Oct 2051$176,249
Assumption + second · ends Oct 2051, second Jan 2057$1,016,322
New conventional · ends Jan 2057$1,440,768