Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,866/mo
Lowest payment- Down payment
- $606,309
- Funds due
- $630,336
- Interest + MI left
- $242,535
- First ends
- Jan 2051
Assumption
Assumption + second
$7,312/mo
+$3,446/mo- Down payment
- $125,309
- Funds due
- $151,301
- Interest + MI left
- $1,002,075
- First ends
- Jan 2051
New loan
New conventional
$8,640/mo
+$4,774/mo- Down payment
- $125,309
- Funds due
- $145,278
- Interest + MI left
- $1,643,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $642,691 | $642,691 | $1,123,691 |
| Second mortgage | — | $481,000 | — |
| First P&I | $3,063.07 | $3,063.07 | $7,612.27 |
| Second P&I | — | $3,445.94 | — |
| Mortgage insurance | — | — | $224.74 |
| Taxes, insurance & HOA | $803.25 | $803.25 | $803.25 |
| Total housing payment | $3,866.32 | $7,312.26 | $8,640.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,309
Closing costs & prepaids$25,992
Usable credit−$0
Total buyer cash needed$151,301
Earnest money paid−$0
Remaining funds due$151,301
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,213.46
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)$1,498.75
Initial HOA (3 months)$261.00
Prepaid interest, first (7 days)$346.35
Prepaid interest, second (7 days)$714.91
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$115,669Through Dec 2026
Assumption only · ends Jan 2051$242,535
Assumption + second · ends Jan 2051, second Jan 2057$1,002,075
New conventional · ends Jan 2057$1,643,022