Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,781/mo
Lowest payment- Down payment
- $243,871
- Funds due
- $267,547
- Interest + MI left
- $339,853
- First ends
- Oct 2051
Assumption
Assumption + second
$5,742/mo
+$961/mo- Down payment
- $112,871
- Funds due
- $137,970
- Interest + MI left
- $554,896
- First ends
- Oct 2051
New loan
New conventional
$7,742/mo
+$2,962/mo- Down payment
- $112,871
- Funds due
- $131,012
- Interest + MI left
- $1,479,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $881,129 | $881,129 | $1,012,129 |
| Second mortgage | — | $131,000 | — |
| First P&I | $4,097.25 | $4,097.25 | $6,856.51 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $202.43 |
| Taxes, insurance & HOA | $683.34 | $683.34 | $683.34 |
| Total housing payment | $4,780.59 | $5,741.82 | $7,742.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$112,871
Closing costs & prepaids$25,099
Usable credit−$0
Total buyer cash needed$137,970
Earnest money paid−$0
Remaining funds due$137,970
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,405.64
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)$1,350.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$402.66
Prepaid interest, second (6 days)$172.27
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$135,419Through Dec 2026
Assumption only · ends Oct 2051$339,853
Assumption + second · ends Oct 2051, second Jan 2057$554,896
New conventional · ends Jan 2057$1,479,900