Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,722/mo
Lowest payment- Down payment
- $880,355
- Funds due
- $903,471
- Interest + MI left
- $151,557
- First ends
- Feb 2051
Assumption
Assumption + second
$8,095/mo
+$5,373/mo- Down payment
- $130,355
- Funds due
- $155,836
- Interest + MI left
- $1,335,870
- First ends
- Feb 2051
New loan
New conventional
$8,892/mo
+$6,170/mo- Down payment
- $130,355
- Funds due
- $150,689
- Interest + MI left
- $1,702,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,645 | $414,645 | $1,164,645 |
| Second mortgage | — | $750,000 | — |
| First P&I | $1,952.42 | $1,952.42 | $7,889.71 |
| Second P&I | — | $5,373.09 | — |
| Mortgage insurance | — | — | $232.93 |
| Taxes, insurance & HOA | $769.67 | $769.67 | $769.67 |
| Total housing payment | $2,722.09 | $8,095.18 | $8,892.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,355
Closing costs & prepaids$25,481
Usable credit−$0
Total buyer cash needed$155,836
Earnest money paid−$0
Remaining funds due$155,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,073.23
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)$1,554.00
Initial HOA (3 months)$105.00
Prepaid interest, first (7 days)$216.30
Prepaid interest, second (7 days)$1,114.73
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 2.72%
Interest already paid$71,196Through Dec 2026
Assumption only · ends Feb 2051$151,557
Assumption + second · ends Feb 2051, second Jan 2057$1,335,870
New conventional · ends Jan 2057$1,702,904