Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,913/mo
Lowest payment- Down payment
- $879,118
- Funds due
- $905,805
- Interest + MI left
- $192,179
- First ends
- May 2051
Assumption
Assumption + second
$9,207/mo
+$5,294/mo- Down payment
- $140,118
- Funds due
- $168,369
- Interest + MI left
- $1,359,122
- First ends
- May 2051
New loan
New conventional
$10,444/mo
+$6,531/mo- Down payment
- $140,118
- Funds due
- $162,463
- Interest + MI left
- $1,903,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,882 | $515,882 | $1,254,882 |
| Second mortgage | — | $739,000 | — |
| First P&I | $2,408.37 | $2,408.37 | $8,688.55 |
| Second P&I | — | $5,294.29 | — |
| Mortgage insurance | — | — | $250.98 |
| Taxes, insurance & HOA | $1,504.17 | $1,504.17 | $1,504.17 |
| Total housing payment | $3,912.54 | $9,206.82 | $10,443.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,118
Closing costs & prepaids$28,251
Usable credit−$0
Total buyer cash needed$168,369
Earnest money paid−$0
Remaining funds due$168,369
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,579.41
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)$3,487.50
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$77.17
Prepaid interest, second (2 days)$313.82
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 6 moOf the original 30-year loan at 2.730%
Interest already paid$83,362Through Nov 2026
Assumption only · ends May 2051$192,179
Assumption + second · ends May 2051, second Dec 2056$1,359,122
New conventional · ends Dec 2056$1,903,113