Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $673,826
- Funds due
- $690,293
- Interest + MI left
- $72,240
- First ends
- Jul 2051
Assumption
Assumption + second
$5,549/mo
+$4,213/mo- Down payment
- $85,826
- Funds due
- $103,793
- Interest + MI left
- $1,000,741
- First ends
- Jul 2051
New loan
New conventional
$5,940/mo
+$4,604/mo- Down payment
- $85,826
- Funds due
- $100,043
- Interest + MI left
- $1,158,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,074 | $176,074 | $764,074 |
| Second mortgage | — | $588,000 | — |
| First P&I | $838.90 | $838.90 | $5,290.29 |
| Second P&I | — | $4,212.50 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $497.25 | $497.25 | $497.25 |
| Total housing payment | $1,336.15 | $5,548.65 | $5,940.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,826
Closing costs & prepaids$17,967
Usable credit−$0
Total buyer cash needed$103,793
Earnest money paid−$0
Remaining funds due$103,793
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$880.37
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)$160.75
Initial HOA (3 months)$681.00
Prepaid interest, first (2 days)$28.56
Prepaid interest, second (2 days)$249.70
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$29,764Through Nov 2026
Assumption only · ends Jul 2051$72,240
Assumption + second · ends Jul 2051, second Dec 2056$1,000,741
New conventional · ends Dec 2056$1,158,617