Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,177/mo
Lowest payment- Down payment
- $949,819
- Funds due
- $971,715
- Interest + MI left
- $109,689
- First ends
- Feb 2051
Assumption
Assumption + second
$8,080/mo
+$5,903/mo- Down payment
- $125,819
- Funds due
- $149,140
- Interest + MI left
- $1,410,854
- First ends
- Feb 2051
New loan
New conventional
$8,777/mo
+$6,600/mo- Down payment
- $125,819
- Funds due
- $144,368
- Interest + MI left
- $1,704,896
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,181 | $300,181 | $1,124,181 |
| Second mortgage | — | $824,000 | — |
| First P&I | $1,408.49 | $1,408.49 | $7,783.60 |
| Second P&I | — | $5,903.24 | — |
| Mortgage insurance | — | — | $224.84 |
| Taxes, insurance & HOA | $768.17 | $768.17 | $768.17 |
| Total housing payment | $2,176.65 | $8,079.89 | $8,776.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,819
Closing costs & prepaids$23,321
Usable credit−$0
Total buyer cash needed$149,140
Earnest money paid−$0
Remaining funds due$149,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,500.90
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)$1,555.50
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$22.29
Prepaid interest, second (1 days)$174.96
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 3 moOf the original 30-year loan at 2.710%
Interest already paid$50,556Through Nov 2026
Assumption only · ends Feb 2051$109,689
Assumption + second · ends Feb 2051, second Dec 2056$1,410,854
New conventional · ends Dec 2056$1,704,896