Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,624/mo
Lowest payment- Down payment
- $242,947
- Funds due
- $265,528
- Interest + MI left
- $317,212
- First ends
- Dec 2051
Assumption
Assumption + second
$5,681/mo
+$1,057/mo- Down payment
- $98,947
- Funds due
- $122,841
- Interest + MI left
- $553,596
- First ends
- Dec 2051
New loan
New conventional
$7,428/mo
+$2,804/mo- Down payment
- $98,947
- Funds due
- $116,258
- Interest + MI left
- $1,348,309
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $745,053 | $745,053 | $889,053 |
| Second mortgage | — | $144,000 | — |
| First P&I | $3,529.12 | $3,529.12 | $6,155.62 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $177.81 |
| Taxes, insurance & HOA | $1,095.00 | $1,095.00 | $1,095.00 |
| Total housing payment | $4,624.12 | $5,680.74 | $7,428.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,947
Closing costs & prepaids$23,894
Usable credit−$0
Total buyer cash needed$122,841
Earnest money paid−$0
Remaining funds due$122,841
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,725.26
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)$2,470.00
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$122.88
Prepaid interest, second (2 days)$63.12
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 3.010%
Interest already paid$117,271Through Nov 2026
Assumption only · ends Dec 2051$317,212
Assumption + second · ends Dec 2051, second Dec 2056$553,596
New conventional · ends Dec 2056$1,348,309