Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,877/mo
Lowest payment- Down payment
- $488,367
- Funds due
- $515,044
- Interest + MI left
- $824,075
- First ends
- Aug 2051
Assumption
Assumption + second
$9,470/mo
+$2,593/mo- Down payment
- $126,367
- Funds due
- $154,371
- Interest + MI left
- $1,395,703
- First ends
- Aug 2051
New loan
New conventional
$9,576/mo
+$2,699/mo- Down payment
- $126,367
- Funds due
- $147,220
- Interest + MI left
- $1,717,714
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $770,633 | $770,633 | $1,132,633 |
| Second mortgage | — | $362,000 | — |
| First P&I | $5,369.39 | $5,369.39 | $7,842.12 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | — | — | $226.53 |
| Taxes, insurance & HOA | $1,507.33 | $1,507.33 | $1,507.33 |
| Total housing payment | $6,876.72 | $9,470.13 | $9,575.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$126,367
Closing costs & prepaids$28,004
Usable credit−$0
Total buyer cash needed$154,371
Earnest money paid−$0
Remaining funds due$154,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,853.16
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)$3,862.00
Initial HOA (3 months)$9.99
Prepaid interest, first (1 days)$143.57
Prepaid interest, second (1 days)$76.86
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 9 moOf the original 30-year loan at 6.800%
Interest already paid$285,284Through Nov 2026
Assumption only · ends Aug 2051$824,075
Assumption + second · ends Aug 2051, second Dec 2056$1,395,703
New conventional · ends Dec 2056$1,717,714