Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $588,399
- Funds due
- $605,746
- Interest + MI left
- $106,618
- First ends
- Feb 2051
Assumption
Assumption + second
$5,445/mo
+$3,582/mo- Down payment
- $88,399
- Funds due
- $107,208
- Interest + MI left
- $896,160
- First ends
- Feb 2051
New loan
New conventional
$6,130/mo
+$4,267/mo- Down payment
- $88,399
- Funds due
- $102,893
- Interest + MI left
- $1,199,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,601 | $290,601 | $790,601 |
| Second mortgage | — | $500,000 | — |
| First P&I | $1,365.02 | $1,365.02 | $5,473.96 |
| Second P&I | — | $3,582.06 | — |
| Mortgage insurance | — | — | $158.12 |
| Taxes, insurance & HOA | $497.50 | $497.50 | $497.50 |
| Total housing payment | $1,862.52 | $5,444.58 | $6,129.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,399
Closing costs & prepaids$18,809
Usable credit−$0
Total buyer cash needed$107,208
Earnest money paid−$0
Remaining funds due$107,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,453.01
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)$842.50
Prepaid interest, first (2 days)$43.31
Prepaid interest, second (2 days)$212.33
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$49,117Through Nov 2026
Assumption only · ends Feb 2051$106,618
Assumption + second · ends Feb 2051, second Dec 2056$896,160
New conventional · ends Dec 2056$1,199,000