Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,106/mo
Lowest payment- Down payment
- $643,086
- Funds due
- $661,923
- Interest + MI left
- $128,968
- First ends
- Dec 2051
Assumption
Assumption + second
$6,024/mo
+$3,919/mo- Down payment
- $96,086
- Funds due
- $117,218
- Interest + MI left
- $992,727
- First ends
- Dec 2051
New loan
New conventional
$6,644/mo
+$4,539/mo- Down payment
- $96,086
- Funds due
- $112,887
- Interest + MI left
- $1,263,039
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,814 | $316,814 | $863,814 |
| Second mortgage | — | $547,000 | — |
| First P&I | $1,485.94 | $1,485.94 | $5,851.78 |
| Second P&I | — | $3,918.77 | — |
| Mortgage insurance | — | — | $172.76 |
| Taxes, insurance & HOA | $619.67 | $619.67 | $619.67 |
| Total housing payment | $2,105.61 | $6,024.38 | $6,644.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$96,086
Closing costs & prepaids$21,132
Usable credit−$0
Total buyer cash needed$117,218
Earnest money paid−$0
Remaining funds due$117,218
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,584.07
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)$57.00
Prepaid interest, first (9 days)$226.54
Prepaid interest, second (9 days)$1,045.29
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$48,970Through Dec 2026
Assumption only · ends Dec 2051$128,968
Assumption + second · ends Dec 2051, second Jan 2057$992,727
New conventional · ends Jan 2057$1,263,039