Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,369/mo
Lowest payment- Down payment
- $848,257
- Funds due
- $876,170
- Interest + MI left
- $241,273
- First ends
- Nov 2051
Assumption
Assumption + second
$9,405/mo
+$5,036/mo- Down payment
- $145,257
- Funds due
- $175,017
- Interest + MI left
- $1,351,369
- First ends
- Nov 2051
New loan
New conventional
$10,587/mo
+$6,219/mo- Down payment
- $145,257
- Funds due
- $168,744
- Interest + MI left
- $1,885,279
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $601,743 | $601,743 | $1,304,743 |
| Second mortgage | — | $703,000 | — |
| First P&I | $2,819.45 | $2,819.45 | $8,777.09 |
| Second P&I | — | $5,036.38 | — |
| Mortgage insurance | — | — | $260.95 |
| Taxes, insurance & HOA | $1,549.17 | $1,549.17 | $1,549.17 |
| Total housing payment | $4,368.62 | $9,405.00 | $10,587.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$145,257
Closing costs & prepaids$29,761
Usable credit−$0
Total buyer cash needed$175,017
Earnest money paid−$0
Remaining funds due$175,017
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,008.72
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)$3,697.50
Initial HOA (3 months)$300.00
Prepaid interest, first (4 days)$189.26
Prepaid interest, second (4 days)$597.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 2.87%
Interest already paid$93,730Through Dec 2026
Assumption only · ends Nov 2051$241,273
Assumption + second · ends Nov 2051, second Jan 2057$1,351,369
New conventional · ends Jan 2057$1,885,279