Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $704,687
- Funds due
- $726,726
- Interest + MI left
- $178,157
- First ends
- Jan 2051
Assumption
Assumption + second
$7,207/mo
+$4,205/mo- Down payment
- $117,687
- Funds due
- $141,226
- Interest + MI left
- $1,105,079
- First ends
- Jan 2051
New loan
New conventional
$8,298/mo
+$5,296/mo- Down payment
- $117,687
- Funds due
- $135,761
- Interest + MI left
- $1,603,486
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,313 | $470,313 | $1,057,313 |
| Second mortgage | — | $587,000 | — |
| First P&I | $2,236.10 | $2,236.10 | $7,320.62 |
| Second P&I | — | $4,205.34 | — |
| Mortgage insurance | — | — | $211.46 |
| Taxes, insurance & HOA | $765.67 | $765.67 | $765.67 |
| Total housing payment | $3,001.77 | $7,207.11 | $8,297.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,687
Closing costs & prepaids$23,538
Usable credit−$0
Total buyer cash needed$141,226
Earnest money paid−$0
Remaining funds due$141,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,351.56
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)$1,630.50
Initial HOA (3 months)$16.50
Prepaid interest, first (2 days)$72.42
Prepaid interest, second (2 days)$249.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.810%
Interest already paid$83,340Through Nov 2026
Assumption only · ends Jan 2051$178,157
Assumption + second · ends Jan 2051, second Dec 2056$1,105,079
New conventional · ends Dec 2056$1,603,486