Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,998/mo
Lowest payment- Down payment
- $833,658
- Funds due
- $857,092
- Interest + MI left
- $188,679
- First ends
- Dec 2051
Assumption
Assumption + second
$8,034/mo
+$5,036/mo- Down payment
- $130,658
- Funds due
- $155,640
- Interest + MI left
- $1,298,775
- First ends
- Dec 2051
New loan
New conventional
$9,148/mo
+$6,150/mo- Down payment
- $130,658
- Funds due
- $150,065
- Interest + MI left
- $1,771,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $465,342 | $465,342 | $1,168,342 |
| Second mortgage | — | $703,000 | — |
| First P&I | $2,172.83 | $2,172.83 | $8,089.36 |
| Second P&I | — | $5,036.38 | — |
| Mortgage insurance | — | — | $233.67 |
| Taxes, insurance & HOA | $825.09 | $825.09 | $825.09 |
| Total housing payment | $2,997.91 | $8,034.29 | $9,148.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,658
Closing costs & prepaids$24,982
Usable credit−$0
Total buyer cash needed$155,640
Earnest money paid−$0
Remaining funds due$155,640
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,326.71
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)$1,794.00
Initial HOA (3 months)$31.26
Prepaid interest, first (2 days)$73.43
Prepaid interest, second (2 days)$298.53
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 closing25 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$70,167Through Nov 2026
Assumption only · ends Dec 2051$188,679
Assumption + second · ends Dec 2051, second Dec 2056$1,298,775
New conventional · ends Dec 2056$1,771,869