Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,075/mo
Lowest payment- Down payment
- $1,060,453
- Funds due
- $1,089,882
- Interest + MI left
- $255,590
- First ends
- Jul 2051
Assumption
Assumption + second
$10,436/mo
+$6,362/mo- Down payment
- $172,453
- Funds due
- $204,829
- Interest + MI left
- $1,657,817
- First ends
- Jul 2051
New loan
New conventional
$11,757/mo
+$7,682/mo- Down payment
- $172,453
- Funds due
- $198,357
- Interest + MI left
- $2,259,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $657,046 | $657,046 | $1,545,046 |
| Second mortgage | — | $888,000 | — |
| First P&I | $3,093.68 | $3,093.68 | $10,466.68 |
| Second P&I | — | $6,361.74 | — |
| Mortgage insurance | — | — | $309.01 |
| Taxes, insurance & HOA | $980.92 | $980.92 | $980.92 |
| Total housing payment | $4,074.60 | $10,436.34 | $11,756.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$172,453
Closing costs & prepaids$32,376
Usable credit−$0
Total buyer cash needed$204,829
Earnest money paid−$0
Remaining funds due$204,829
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,174.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,285.23
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)$2,061.00
Initial HOA (3 months)$231.75
Prepaid interest, first (9 days)$458.49
Prepaid interest, second (9 days)$1,696.93
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 7 moOf the original 30-year loan at 2.83%
Interest already paid$108,136Through Dec 2026
Assumption only · ends Jul 2051$255,590
Assumption + second · ends Jul 2051, second Jan 2057$1,657,817
New conventional · ends Jan 2057$2,259,113