Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,974/mo
Lowest payment- Down payment
- $622,039
- Funds due
- $643,192
- Interest + MI left
- $203,994
- First ends
- Jun 2051
Assumption
Assumption + second
$6,642/mo
+$3,668/mo- Down payment
- $110,039
- Funds due
- $133,094
- Interest + MI left
- $1,012,485
- First ends
- Jun 2051
New loan
New conventional
$7,551/mo
+$4,578/mo- Down payment
- $110,039
- Funds due
- $127,842
- Interest + MI left
- $1,444,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,961 | $475,961 | $987,961 |
| Second mortgage | — | $512,000 | — |
| First P&I | $2,312.77 | $2,312.77 | $6,692.79 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $197.59 |
| Taxes, insurance & HOA | $660.83 | $660.83 | $660.83 |
| Total housing payment | $2,973.61 | $6,641.64 | $7,551.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,039
Closing costs & prepaids$23,055
Usable credit−$0
Total buyer cash needed$133,094
Earnest money paid−$0
Remaining funds due$133,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,379.80
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)$1,317.50
Initial HOA (3 months)$15.00
Prepaid interest, first (6 days)$242.54
Prepaid interest, second (6 days)$652.27
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 6 moOf the original 30-year loan at 3.1%
Interest already paid$86,992Through Dec 2026
Assumption only · ends Jun 2051$203,994
Assumption + second · ends Jun 2051, second Jan 2057$1,012,485
New conventional · ends Jan 2057$1,444,562