Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,366/mo
Lowest payment- Down payment
- $550,906
- Funds due
- $582,420
- Interest + MI left
- $504,742
- First ends
- Feb 2052
Assumption
Assumption + second
$9,095/mo
+$2,730/mo- Down payment
- $169,906
- Funds due
- $203,156
- Interest + MI left
- $1,106,373
- First ends
- Feb 2052
New loan
New conventional
$11,524/mo
+$5,159/mo- Down payment
- $169,906
- Funds due
- $194,444
- Interest + MI left
- $2,222,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,139,094 | $1,139,094 | $1,520,094 |
| Second mortgage | — | $381,000 | — |
| First P&I | $5,443.16 | $5,443.16 | $10,297.65 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | — | — | $304.02 |
| Taxes, insurance & HOA | $922.67 | $922.67 | $922.67 |
| Total housing payment | $6,365.83 | $9,095.36 | $11,524.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$169,906
Closing costs & prepaids$33,249
Usable credit−$0
Total buyer cash needed$203,156
Earnest money paid−$0
Remaining funds due$203,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$5,695.47
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)$2,028.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$582.34
Prepaid interest, second (6 days)$485.38
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 yr 2 moOf the original 30-year loan at 3.11%
Interest already paid$181,720Through Dec 2026
Assumption only · ends Feb 2052$504,742
Assumption + second · ends Feb 2052, second Jan 2057$1,106,373
New conventional · ends Jan 2057$2,222,629