Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,894/mo
Lowest payment- Down payment
- $842,585
- Funds due
- $868,905
- Interest + MI left
- $284,804
- First ends
- Aug 2051
Assumption
Assumption + second
$8,816/mo
+$4,922/mo- Down payment
- $155,585
- Funds due
- $183,301
- Interest + MI left
- $1,369,635
- First ends
- Aug 2051
New loan
New conventional
$10,487/mo
+$6,593/mo- Down payment
- $155,585
- Funds due
- $176,246
- Interest + MI left
- $2,114,724
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $707,415 | $707,415 | $1,394,415 |
| Second mortgage | — | $687,000 | — |
| First P&I | $3,340.81 | $3,340.81 | $9,654.65 |
| Second P&I | — | $4,921.75 | — |
| Mortgage insurance | — | — | $278.88 |
| Taxes, insurance & HOA | $553.08 | $553.08 | $553.08 |
| Total housing payment | $3,893.89 | $8,815.64 | $10,486.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$155,585
Closing costs & prepaids$27,716
Usable credit−$0
Total buyer cash needed$183,301
Earnest money paid−$0
Remaining funds due$183,301
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,537.08
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)$154.25
Initial HOA (3 months)$855.00
Prepaid interest, first (1 days)$56.21
Prepaid interest, second (1 days)$145.87
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 9 moOf the original 30-year loan at 2.900%
Interest already paid$115,251Through Nov 2026
Assumption only · ends Aug 2051$284,804
Assumption + second · ends Aug 2051, second Dec 2056$1,369,635
New conventional · ends Dec 2056$2,114,724