Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,165/mo
Lowest payment- Down payment
- $739,310
- Funds due
- $762,557
- Interest + MI left
- $191,868
- First ends
- Apr 2051
Assumption
Assumption + second
$7,563/mo
+$4,399/mo- Down payment
- $125,310
- Funds due
- $150,980
- Interest + MI left
- $1,161,426
- First ends
- Apr 2051
New loan
New conventional
$8,603/mo
+$5,438/mo- Down payment
- $125,310
- Funds due
- $145,599
- Interest + MI left
- $1,644,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $510,690 | $510,690 | $1,124,690 |
| Second mortgage | — | $614,000 | — |
| First P&I | $2,406.02 | $2,406.02 | $7,619.04 |
| Second P&I | — | $4,398.77 | — |
| Mortgage insurance | — | — | $224.94 |
| Taxes, insurance & HOA | $758.67 | $758.67 | $758.67 |
| Total housing payment | $3,164.69 | $7,563.46 | $8,602.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,310
Closing costs & prepaids$25,670
Usable credit−$0
Total buyer cash needed$150,980
Earnest money paid−$0
Remaining funds due$150,980
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%)$2,553.45
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)$1,500.00
Initial HOA (3 months)$126.00
Prepaid interest, first (9 days)$348.81
Prepaid interest, second (9 days)$1,173.33
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$86,463Through Dec 2026
Assumption only · ends Apr 2051$191,868
Assumption + second · ends Apr 2051, second Jan 2057$1,161,426
New conventional · ends Jan 2057$1,644,483