Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,879/mo
Lowest payment- Down payment
- $748,428
- Funds due
- $773,980
- Interest + MI left
- $244,798
- First ends
- Apr 2051
Assumption
Assumption + second
$8,235/mo
+$4,356/mo- Down payment
- $140,428
- Funds due
- $168,004
- Interest + MI left
- $1,204,881
- First ends
- Apr 2051
New loan
New conventional
$9,594/mo
+$5,715/mo- Down payment
- $140,428
- Funds due
- $161,714
- Interest + MI left
- $1,841,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $651,572 | $651,572 | $1,259,572 |
| Second mortgage | — | $608,000 | — |
| First P&I | $3,069.76 | $3,069.76 | $8,532.78 |
| Second P&I | — | $4,355.79 | — |
| Mortgage insurance | — | — | $251.91 |
| Taxes, insurance & HOA | $809.67 | $809.67 | $809.67 |
| Total housing payment | $3,879.43 | $8,235.21 | $9,594.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,428
Closing costs & prepaids$27,576
Usable credit−$0
Total buyer cash needed$168,004
Earnest money paid−$0
Remaining funds due$168,004
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,257.86
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)$1,680.00
Initial HOA (3 months)$99.00
Prepaid interest, first (6 days)$296.69
Prepaid interest, second (6 days)$774.58
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$110,315Through Dec 2026
Assumption only · ends Apr 2051$244,798
Assumption + second · ends Apr 2051, second Jan 2057$1,204,881
New conventional · ends Jan 2057$1,841,703