Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,580/mo
Lowest payment- Down payment
- $768,248
- Funds due
- $792,848
- Interest + MI left
- $244,491
- First ends
- Jul 2051
Assumption
Assumption + second
$8,115/mo
+$4,535/mo- Down payment
- $135,248
- Funds due
- $161,904
- Interest + MI left
- $1,244,051
- First ends
- Jul 2051
New loan
New conventional
$9,248/mo
+$5,668/mo- Down payment
- $135,248
- Funds due
- $155,941
- Interest + MI left
- $1,774,706
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,752 | $580,752 | $1,213,752 |
| Second mortgage | — | $633,000 | — |
| First P&I | $2,797.43 | $2,797.43 | $8,222.38 |
| Second P&I | — | $4,534.89 | — |
| Mortgage insurance | — | — | $242.75 |
| Taxes, insurance & HOA | $782.67 | $782.67 | $782.67 |
| Total housing payment | $3,580.10 | $8,114.99 | $9,247.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,248
Closing costs & prepaids$26,656
Usable credit−$0
Total buyer cash needed$161,904
Earnest money paid−$0
Remaining funds due$161,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,903.76
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)$1,618.75
Initial HOA (3 months)$79.26
Prepaid interest, first (6 days)$290.22
Prepaid interest, second (6 days)$806.42
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 7 moOf the original 30-year loan at 3.04%
Interest already paid$102,446Through Dec 2026
Assumption only · ends Jul 2051$244,491
Assumption + second · ends Jul 2051, second Jan 2057$1,244,051
New conventional · ends Jan 2057$1,774,706