Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,926/mo
Lowest payment- Down payment
- $738,086
- Funds due
- $760,313
- Interest + MI left
- $193,050
- First ends
- Apr 2051
Assumption
Assumption + second
$7,318/mo
+$4,392/mo- Down payment
- $125,086
- Funds due
- $148,693
- Interest + MI left
- $1,161,028
- First ends
- Apr 2051
New loan
New conventional
$8,534/mo
+$5,608/mo- Down payment
- $125,086
- Funds due
- $142,898
- Interest + MI left
- $1,706,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,914 | $511,914 | $1,124,914 |
| Second mortgage | — | $613,000 | — |
| First P&I | $2,406.02 | $2,406.02 | $7,788.68 |
| Second P&I | — | $4,391.61 | — |
| Mortgage insurance | — | — | $224.98 |
| Taxes, insurance & HOA | $520.08 | $520.08 | $520.08 |
| Total housing payment | $2,926.10 | $7,317.71 | $8,533.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,086
Closing costs & prepaids$23,607
Usable credit−$0
Total buyer cash needed$148,693
Earnest money paid−$0
Remaining funds due$148,693
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%)$2,559.57
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)$784.25
Initial HOA (3 months)$126.00
Prepaid interest, first (1 days)$38.85
Prepaid interest, second (1 days)$130.16
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 5 moOf the original 30-year loan at 2.770%
Interest already paid$85,281Through Nov 2026
Assumption only · ends Apr 2051$193,050
Assumption + second · ends Apr 2051, second Dec 2056$1,161,028
New conventional · ends Dec 2056$1,706,008