Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,523/mo
Lowest payment- Down payment
- $322,017
- Funds due
- $348,333
- Interest + MI left
- $316,788
- First ends
- Mar 2051
Assumption
Assumption + second
$6,970/mo
+$1,447/mo- Down payment
- $120,017
- Funds due
- $147,626
- Interest + MI left
- $635,763
- First ends
- Mar 2051
New loan
New conventional
$9,124/mo
+$3,602/mo- Down payment
- $120,017
- Funds due
- $140,105
- Interest + MI left
- $1,637,715
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $877,883 | $877,883 | $1,079,883 |
| Second mortgage | — | $202,000 | — |
| First P&I | $4,091.34 | $4,091.34 | $7,476.89 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | — | — | $215.98 |
| Taxes, insurance & HOA | $1,431.58 | $1,431.58 | $1,431.58 |
| Total housing payment | $5,522.92 | $6,970.07 | $9,124.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,017
Closing costs & prepaids$27,608
Usable credit−$0
Total buyer cash needed$147,626
Earnest money paid−$0
Remaining funds due$147,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,389.41
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)$2,999.75
Initial HOA (3 months)$645.00
Prepaid interest, first (1 days)$64.22
Prepaid interest, second (1 days)$42.89
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$143,427Through Nov 2026
Assumption only · ends Mar 2051$316,788
Assumption + second · ends Mar 2051, second Dec 2056$635,763
New conventional · ends Dec 2056$1,637,715