Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,534/mo
Lowest payment- Down payment
- $831,783
- Funds due
- $853,858
- Interest + MI left
- $134,550
- First ends
- Mar 2051
Assumption
Assumption + second
$7,628/mo
+$5,094/mo- Down payment
- $120,783
- Funds due
- $145,467
- Interest + MI left
- $1,257,279
- First ends
- Mar 2051
New loan
New conventional
$8,334/mo
+$5,799/mo- Down payment
- $120,783
- Funds due
- $140,681
- Interest + MI left
- $1,577,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,217 | $368,217 | $1,079,217 |
| Second mortgage | — | $711,000 | — |
| First P&I | $1,727.72 | $1,727.72 | $7,310.99 |
| Second P&I | — | $5,093.69 | — |
| Mortgage insurance | — | — | $215.84 |
| Taxes, insurance & HOA | $806.67 | $806.67 | $806.67 |
| Total housing payment | $2,534.39 | $7,628.08 | $8,333.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,783
Closing costs & prepaids$24,684
Usable credit−$0
Total buyer cash needed$145,467
Earnest money paid−$0
Remaining funds due$145,467
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,841.09
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)$1,440.00
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$246.05
Prepaid interest, second (9 days)$1,358.69
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$62,014Through Dec 2026
Assumption only · ends Mar 2051$134,550
Assumption + second · ends Mar 2051, second Jan 2057$1,257,279
New conventional · ends Jan 2057$1,577,994