Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,286/mo
Lowest payment- Down payment
- $697,026
- Funds due
- $719,546
- Interest + MI left
- $165,192
- First ends
- Jul 2051
Assumption
Assumption + second
$7,520/mo
+$4,234/mo- Down payment
- $106,026
- Funds due
- $129,922
- Interest + MI left
- $1,098,431
- First ends
- Jul 2051
New loan
New conventional
$8,298/mo
+$5,012/mo- Down payment
- $106,026
- Funds due
- $125,039
- Interest + MI left
- $1,446,766
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $953,974 |
| Second mortgage | — | $591,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $6,605.12 |
| Second P&I | — | $4,234.00 | — |
| Mortgage insurance | — | — | $190.79 |
| Taxes, insurance & HOA | $1,501.75 | $1,501.75 | $1,501.75 |
| Total housing payment | $3,286.10 | $7,520.09 | $8,297.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$106,026
Closing costs & prepaids$23,896
Usable credit−$0
Total buyer cash needed$129,922
Earnest money paid−$0
Remaining funds due$129,922
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,814.87
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)$3,318.25
Initial HOA (3 months)$537.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$125.49
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 8 moOf the original 30-year loan at 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
Assumption + second · ends Jul 2051, second Dec 2056$1,098,431
New conventional · ends Dec 2056$1,446,766