Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,185/mo
Lowest payment- Down payment
- $796,432
- Funds due
- $826,677
- Interest + MI left
- $380,469
- First ends
- Dec 2051
Assumption
Assumption + second
$9,670/mo
+$4,485/mo- Down payment
- $170,432
- Funds due
- $202,724
- Interest + MI left
- $1,368,976
- First ends
- Dec 2051
New loan
New conventional
$11,573/mo
+$6,388/mo- Down payment
- $170,432
- Funds due
- $195,023
- Interest + MI left
- $2,236,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $903,568 | $903,568 | $1,529,568 |
| Second mortgage | — | $626,000 | — |
| First P&I | $4,280.12 | $4,280.12 | $10,361.83 |
| Second P&I | — | $4,484.74 | — |
| Mortgage insurance | — | — | $305.91 |
| Taxes, insurance & HOA | $905.00 | $905.00 | $905.00 |
| Total housing payment | $5,185.12 | $9,669.86 | $11,572.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$170,432
Closing costs & prepaids$32,292
Usable credit−$0
Total buyer cash needed$202,724
Earnest money paid−$0
Remaining funds due$202,724
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,517.84
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)$2,040.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$444.11
Prepaid interest, second (6 days)$797.51
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 yrOf the original 30-year loan at 2.99%
Interest already paid$143,876Through Dec 2026
Assumption only · ends Dec 2051$380,469
Assumption + second · ends Dec 2051, second Jan 2057$1,368,976
New conventional · ends Jan 2057$2,236,481