Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $760,053
- Funds due
- $778,737
- Interest + MI left
- $86,191
- First ends
- Apr 2051
Assumption
Assumption + second
$6,450/mo
+$4,728/mo- Down payment
- $100,053
- Funds due
- $120,968
- Interest + MI left
- $1,128,387
- First ends
- Apr 2051
New loan
New conventional
$6,867/mo
+$5,145/mo- Down payment
- $100,053
- Funds due
- $116,875
- Interest + MI left
- $1,310,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,947 | $235,947 | $895,947 |
| Second mortgage | — | $660,000 | — |
| First P&I | $1,103.21 | $1,103.21 | $6,069.46 |
| Second P&I | — | $4,728.32 | — |
| Mortgage insurance | — | — | $179.19 |
| Taxes, insurance & HOA | $618.08 | $618.08 | $618.08 |
| Total housing payment | $1,721.30 | $6,449.62 | $6,866.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,053
Closing costs & prepaids$20,915
Usable credit−$0
Total buyer cash needed$120,968
Earnest money paid−$0
Remaining funds due$120,968
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,960.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,179.73
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)$1,195.25
Initial HOA (3 months)$9.00
Prepaid interest, first (7 days)$122.18
Prepaid interest, second (7 days)$980.96
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 4 moOf the original 30-year loan at 2.7%
Interest already paid$38,968Through Dec 2026
Assumption only · ends Apr 2051$86,191
Assumption + second · ends Apr 2051, second Jan 2057$1,128,387
New conventional · ends Jan 2057$1,310,023