Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,229/mo
Lowest payment- Down payment
- $455,837
- Funds due
- $479,599
- Interest + MI left
- $297,240
- First ends
- Jun 2051
Assumption
Assumption + second
$6,651/mo
+$2,421/mo- Down payment
- $117,837
- Funds due
- $143,495
- Interest + MI left
- $830,970
- First ends
- Jun 2051
New loan
New conventional
$8,145/mo
+$3,916/mo- Down payment
- $117,837
- Funds due
- $137,372
- Interest + MI left
- $1,545,747
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $719,163 | $719,163 | $1,057,163 |
| Second mortgage | — | $338,000 | — |
| First P&I | $3,457.15 | $3,457.15 | $7,161.59 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | — | — | $211.43 |
| Taxes, insurance & HOA | $772.17 | $772.17 | $772.17 |
| Total housing payment | $4,229.32 | $6,650.79 | $8,145.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,837
Closing costs & prepaids$25,658
Usable credit−$0
Total buyer cash needed$143,495
Earnest money paid−$0
Remaining funds due$143,495
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,595.82
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)$1,410.00
Initial HOA (3 months)$256.50
Prepaid interest, first (9 days)$531.98
Prepaid interest, second (9 days)$645.90
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 6 moOf the original 30-year loan at 3%
Interest already paid$127,335Through Dec 2026
Assumption only · ends Jun 2051$297,240
Assumption + second · ends Jun 2051, second Jan 2057$830,970
New conventional · ends Jan 2057$1,545,747