Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,495/mo
Lowest payment- Down payment
- $717,446
- Funds due
- $739,407
- Interest + MI left
- $165,290
- First ends
- Nov 2055
Assumption
Assumption + second
$6,787/mo
+$4,291/mo- Down payment
- $118,446
- Funds due
- $142,801
- Interest + MI left
- $1,111,161
- First ends
- Nov 2055
New loan
New conventional
$8,069/mo
+$5,574/mo- Down payment
- $118,446
- Funds due
- $137,758
- Interest + MI left
- $1,544,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,554 | $457,554 | $1,056,554 |
| Second mortgage | — | $599,000 | — |
| First P&I | $1,794.94 | $1,794.94 | $7,157.46 |
| Second P&I | — | $4,291.31 | — |
| Mortgage insurance | — | — | $211.31 |
| Taxes, insurance & HOA | $700.42 | $700.42 | $700.42 |
| Total housing payment | $2,495.36 | $6,786.67 | $8,069.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,446
Closing costs & prepaids$24,356
Usable credit−$0
Total buyer cash needed$142,801
Earnest money paid−$0
Remaining funds due$142,801
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%)$2,287.77
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)$41.25
Prepaid interest, first (9 days)$253.85
Prepaid interest, second (9 days)$1,144.66
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 closing28 yr 11 moOf the original 30-year loan at 2.25%
Interest already paid$11,311Through Dec 2026
Assumption only · ends Nov 2055$165,290
Assumption + second · ends Nov 2055, second Jan 2057$1,111,161
New conventional · ends Jan 2057$1,544,857