Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,143/mo
Lowest payment- Down payment
- $664,297
- Funds due
- $683,351
- Interest + MI left
- $112,891
- First ends
- Feb 2051
Assumption
Assumption + second
$6,212/mo
+$4,069/mo- Down payment
- $96,297
- Funds due
- $117,687
- Interest + MI left
- $1,009,811
- First ends
- Feb 2051
New loan
New conventional
$6,758/mo
+$4,615/mo- Down payment
- $96,297
- Funds due
- $113,440
- Interest + MI left
- $1,262,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,703 | $295,703 | $863,703 |
| Second mortgage | — | $568,000 | — |
| First P&I | $1,408.95 | $1,408.95 | $5,851.02 |
| Second P&I | — | $4,069.22 | — |
| Mortgage insurance | — | — | $172.74 |
| Taxes, insurance & HOA | $734.00 | $734.00 | $734.00 |
| Total housing payment | $2,142.94 | $6,212.16 | $6,757.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,297
Closing costs & prepaids$21,390
Usable credit−$0
Total buyer cash needed$117,687
Earnest money paid−$0
Remaining funds due$117,687
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,478.52
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)$1,152.00
Initial HOA (3 months)$399.99
Prepaid interest, first (9 days)$206.34
Prepaid interest, second (9 days)$1,085.42
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$52,760Through Dec 2026
Assumption only · ends Feb 2051$112,891
Assumption + second · ends Feb 2051, second Jan 2057$1,009,811
New conventional · ends Jan 2057$1,262,877