Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,985/mo
Lowest payment- Down payment
- $805,711
- Funds due
- $834,930
- Interest + MI left
- $272,102
- First ends
- Jun 2051
Assumption
Assumption + second
$9,677/mo
+$4,693/mo- Down payment
- $150,711
- Funds due
- $181,319
- Interest + MI left
- $1,306,402
- First ends
- Jun 2051
New loan
New conventional
$11,320/mo
+$6,335/mo- Down payment
- $150,711
- Funds due
- $174,379
- Interest + MI left
- $2,045,984
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $694,089 | $694,089 | $1,349,089 |
| Second mortgage | — | $655,000 | — |
| First P&I | $3,275.23 | $3,275.23 | $9,340.82 |
| Second P&I | — | $4,692.50 | — |
| Mortgage insurance | — | — | $269.82 |
| Taxes, insurance & HOA | $1,709.50 | $1,709.50 | $1,709.50 |
| Total housing payment | $4,984.73 | $9,677.23 | $11,320.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$150,711
Closing costs & prepaids$30,608
Usable credit−$0
Total buyer cash needed$181,319
Earnest money paid−$0
Remaining funds due$181,319
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,998.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,470.45
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)$3,749.50
Initial HOA (3 months)$729.00
Prepaid interest, first (1 days)$54.20
Prepaid interest, second (1 days)$139.08
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 7 moOf the original 30-year loan at 2.850%
Interest already paid$115,015Through Nov 2026
Assumption only · ends Jun 2051$272,102
Assumption + second · ends Jun 2051, second Dec 2056$1,306,402
New conventional · ends Dec 2056$2,045,984