Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,750/mo
Lowest payment- Down payment
- $698,936
- Funds due
- $729,805
- Interest + MI left
- $379,869
- First ends
- Oct 2051
Assumption
Assumption + second
$9,569/mo
+$3,818/mo- Down payment
- $165,936
- Funds due
- $198,282
- Interest + MI left
- $1,221,521
- First ends
- Oct 2051
New loan
New conventional
$11,871/mo
+$6,121/mo- Down payment
- $165,936
- Funds due
- $190,050
- Interest + MI left
- $2,250,683
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $951,064 | $951,064 | $1,484,064 |
| Second mortgage | — | $533,000 | — |
| First P&I | $4,451.28 | $4,451.28 | $10,275.36 |
| Second P&I | — | $3,818.48 | — |
| Mortgage insurance | — | — | $296.81 |
| Taxes, insurance & HOA | $1,298.92 | $1,298.92 | $1,298.92 |
| Total housing payment | $5,750.20 | $9,568.67 | $11,871.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$165,936
Closing costs & prepaids$32,345
Usable credit−$0
Total buyer cash needed$198,282
Earnest money paid−$0
Remaining funds due$198,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$16,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,755.32
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)$2,880.75
Initial HOA (3 months)$366.00
Prepaid interest, first (2 days)$149.04
Prepaid interest, second (2 days)$226.34
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 11 moOf the original 30-year loan at 2.860%
Interest already paid$147,640Through Nov 2026
Assumption only · ends Oct 2051$379,869
Assumption + second · ends Oct 2051, second Dec 2056$1,221,521
New conventional · ends Dec 2056$2,250,683