Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,452/mo
Lowest payment- Down payment
- $595,388
- Funds due
- $614,611
- Interest + MI left
- $150,724
- First ends
- Jan 2051
Assumption
Assumption + second
$5,998/mo
+$3,546/mo- Down payment
- $100,388
- Funds due
- $120,966
- Interest + MI left
- $932,371
- First ends
- Jan 2051
New loan
New conventional
$6,938/mo
+$4,486/mo- Down payment
- $100,388
- Funds due
- $115,952
- Interest + MI left
- $1,361,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,612 | $402,612 | $897,612 |
| Second mortgage | — | $495,000 | — |
| First P&I | $1,908.05 | $1,908.05 | $6,214.88 |
| Second P&I | — | $3,546.24 | — |
| Mortgage insurance | — | — | $179.52 |
| Taxes, insurance & HOA | $543.75 | $543.75 | $543.75 |
| Total housing payment | $2,451.80 | $5,998.05 | $6,938.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,388
Closing costs & prepaids$20,578
Usable credit−$0
Total buyer cash needed$120,966
Earnest money paid−$0
Remaining funds due$120,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,013.06
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)$799.00
Initial HOA (3 months)$182.25
Prepaid interest, first (1 days)$30.66
Prepaid interest, second (1 days)$105.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 2.780%
Interest already paid$70,606Through Nov 2026
Assumption only · ends Jan 2051$150,724
Assumption + second · ends Jan 2051, second Dec 2056$932,371
New conventional · ends Dec 2056$1,361,289