Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,305/mo
Lowest payment- Down payment
- $692,956
- Funds due
- $719,283
- Interest + MI left
- $275,186
- First ends
- Jan 2051
Assumption
Assumption + second
$8,260/mo
+$3,955/mo- Down payment
- $140,956
- Funds due
- $169,588
- Interest + MI left
- $1,146,841
- First ends
- Jan 2051
New loan
New conventional
$9,688/mo
+$5,382/mo- Down payment
- $140,956
- Funds due
- $163,270
- Interest + MI left
- $1,840,931
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $707,044 | $707,044 | $1,259,044 |
| Second mortgage | — | $552,000 | — |
| First P&I | $3,398.72 | $3,398.72 | $8,529.20 |
| Second P&I | — | $3,954.60 | — |
| Mortgage insurance | — | — | $251.81 |
| Taxes, insurance & HOA | $906.67 | $906.67 | $906.67 |
| Total housing payment | $4,305.39 | $8,259.98 | $9,687.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$140,956
Closing costs & prepaids$28,632
Usable credit−$0
Total buyer cash needed$169,588
Earnest money paid−$0
Remaining funds due$169,588
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$14,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,535.22
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)$1,680.00
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$503.84
Prepaid interest, second (9 days)$1,054.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 1 moOf the original 30-year loan at 2.89%
Interest already paid$130,753Through Dec 2026
Assumption only · ends Jan 2051$275,186
Assumption + second · ends Jan 2051, second Jan 2057$1,146,841
New conventional · ends Jan 2057$1,840,931