Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,511/mo
Lowest payment- Down payment
- $905,081
- Funds due
- $933,917
- Interest + MI left
- $208,408
- First ends
- Mar 2051
Assumption
Assumption + second
$9,927/mo
+$5,416/mo- Down payment
- $149,081
- Funds due
- $179,488
- Interest + MI left
- $1,402,196
- First ends
- Mar 2051
New loan
New conventional
$11,328/mo
+$6,817/mo- Down payment
- $149,081
- Funds due
- $173,190
- Interest + MI left
- $2,026,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $579,919 | $579,919 | $1,335,919 |
| Second mortgage | — | $756,000 | — |
| First P&I | $2,699.75 | $2,699.75 | $9,249.63 |
| Second P&I | — | $5,416.08 | — |
| Mortgage insurance | — | — | $267.18 |
| Taxes, insurance & HOA | $1,811.17 | $1,811.17 | $1,811.17 |
| Total housing payment | $4,510.92 | $9,926.99 | $11,327.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$149,081
Closing costs & prepaids$30,407
Usable credit−$0
Total buyer cash needed$179,488
Earnest money paid−$0
Remaining funds due$179,488
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,899.59
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)$3,712.50
Initial HOA (3 months)$1,071.00
Prepaid interest, first (2 days)$84.53
Prepaid interest, second (2 days)$321.04
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 4 moOf the original 30-year loan at 2.660%
Interest already paid$94,402Through Nov 2026
Assumption only · ends Mar 2051$208,408
Assumption + second · ends Mar 2051, second Dec 2056$1,402,196
New conventional · ends Dec 2056$2,026,011