Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,692/mo
Lowest payment- Down payment
- $1,058,913
- Funds due
- $1,086,846
- Interest + MI left
- $257,143
- First ends
- Jul 2051
Assumption
Assumption + second
$10,046/mo
+$6,355/mo- Down payment
- $171,913
- Funds due
- $201,473
- Interest + MI left
- $1,657,791
- First ends
- Jul 2051
New loan
New conventional
$11,609/mo
+$7,917/mo- Down payment
- $171,913
- Funds due
- $194,565
- Interest + MI left
- $2,343,987
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $658,587 | $658,587 | $1,545,587 |
| Second mortgage | — | $887,000 | — |
| First P&I | $3,093.68 | $3,093.68 | $10,701.33 |
| Second P&I | — | $6,354.58 | — |
| Mortgage insurance | — | — | $309.12 |
| Taxes, insurance & HOA | $598.17 | $598.17 | $598.17 |
| Total housing payment | $3,691.85 | $10,046.43 | $11,608.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$171,913
Closing costs & prepaids$29,559
Usable credit−$0
Total buyer cash needed$201,473
Earnest money paid−$0
Remaining funds due$201,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$17,175.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,292.93
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)$912.75
Initial HOA (3 months)$231.75
Prepaid interest, first (2 days)$102.13
Prepaid interest, second (2 days)$376.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 2.830%
Interest already paid$106,582Through Nov 2026
Assumption only · ends Jul 2051$257,143
Assumption + second · ends Jul 2051, second Dec 2056$1,657,791
New conventional · ends Dec 2056$2,343,987