Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,202/mo
Lowest payment- Down payment
- $783,837
- Funds due
- $810,780
- Interest + MI left
- $231,439
- First ends
- Apr 2051
Assumption
Assumption + second
$8,816/mo
+$4,614/mo- Down payment
- $139,837
- Funds due
- $169,261
- Interest + MI left
- $1,248,369
- First ends
- Apr 2051
New loan
New conventional
$10,070/mo
+$5,868/mo- Down payment
- $139,837
- Funds due
- $163,335
- Interest + MI left
- $1,835,256
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,163 | $611,163 | $1,255,163 |
| Second mortgage | — | $644,000 | — |
| First P&I | $2,885.62 | $2,885.62 | $8,502.91 |
| Second P&I | — | $4,613.69 | — |
| Mortgage insurance | — | — | $251.03 |
| Taxes, insurance & HOA | $1,316.34 | $1,316.34 | $1,316.34 |
| Total housing payment | $4,201.96 | $8,815.66 | $10,070.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$139,837
Closing costs & prepaids$29,424
Usable credit−$0
Total buyer cash needed$169,261
Earnest money paid−$0
Remaining funds due$169,261
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,055.82
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)$1,674.00
Initial HOA (3 months)$1,625.01
Prepaid interest, first (9 days)$420.45
Prepaid interest, second (9 days)$1,230.66
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$104,198Through Dec 2026
Assumption only · ends Apr 2051$231,439
Assumption + second · ends Apr 2051, second Jan 2057$1,248,369
New conventional · ends Jan 2057$1,835,256