Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,806/mo
Lowest payment- Down payment
- $665,216
- Funds due
- $686,371
- Interest + MI left
- $178,991
- First ends
- Mar 2051
Assumption
Assumption + second
$6,782/mo
+$3,976/mo- Down payment
- $110,216
- Funds due
- $133,682
- Interest + MI left
- $1,055,383
- First ends
- Mar 2051
New loan
New conventional
$7,600/mo
+$4,794/mo- Down payment
- $110,216
- Funds due
- $128,731
- Interest + MI left
- $1,447,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,783 | $434,783 | $989,783 |
| Second mortgage | — | $555,000 | — |
| First P&I | $2,109.19 | $2,109.19 | $6,705.13 |
| Second P&I | — | $3,976.09 | — |
| Mortgage insurance | — | — | $197.96 |
| Taxes, insurance & HOA | $696.67 | $696.67 | $696.67 |
| Total housing payment | $2,805.86 | $6,781.95 | $7,599.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,216
Closing costs & prepaids$23,466
Usable credit−$0
Total buyer cash needed$133,682
Earnest money paid−$0
Remaining funds due$133,682
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,173.92
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)$1,320.00
Initial HOA (3 months)$120.00
Prepaid interest, first (9 days)$323.76
Prepaid interest, second (9 days)$1,060.58
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 3 moOf the original 30-year loan at 3.02%
Interest already paid$81,318Through Dec 2026
Assumption only · ends Mar 2051$178,991
Assumption + second · ends Mar 2051, second Jan 2057$1,055,383
New conventional · ends Jan 2057$1,447,226