Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,313/mo
Lowest payment- Down payment
- $523,539
- Funds due
- $537,988
- Interest + MI left
- $67,675
- First ends
- Oct 2051
Assumption
Assumption + second
$4,559/mo
+$3,245/mo- Down payment
- $70,539
- Funds due
- $87,103
- Interest + MI left
- $783,001
- First ends
- Oct 2051
New loan
New conventional
$4,881/mo
+$3,567/mo- Down payment
- $70,539
- Funds due
- $83,604
- Interest + MI left
- $918,914
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,461 | $175,461 | $628,461 |
| Second mortgage | — | $453,000 | — |
| First P&I | $815.89 | $815.89 | $4,257.41 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | — | — | $125.69 |
| Taxes, insurance & HOA | $497.58 | $497.58 | $497.58 |
| Total housing payment | $1,313.47 | $4,558.82 | $4,880.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,539
Closing costs & prepaids$16,564
Usable credit−$0
Total buyer cash needed$87,103
Earnest money paid−$0
Remaining funds due$87,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$877.30
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$838.75
Initial HOA (3 months)$153.99
Prepaid interest, first (9 days)$120.27
Prepaid interest, second (9 days)$865.66
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 closing24 yr 10 moOf the original 30-year loan at 2.78%
Interest already paid$26,966Through Dec 2026
Assumption only · ends Oct 2051$67,675
Assumption + second · ends Oct 2051, second Jan 2057$783,001
New conventional · ends Jan 2057$918,914