Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,174/mo
Lowest payment- Down payment
- $842,199
- Funds due
- $863,217
- Interest + MI left
- $84,620
- First ends
- May 2051
Assumption
Assumption + second
$7,397/mo
+$5,223/mo- Down payment
- $113,199
- Funds due
- $135,621
- Interest + MI left
- $1,235,772
- First ends
- May 2051
New loan
New conventional
$8,128/mo
+$5,954/mo- Down payment
- $113,199
- Funds due
- $131,070
- Interest + MI left
- $1,532,948
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,801 | $281,801 | $1,010,801 |
| Second mortgage | — | $729,000 | — |
| First P&I | $1,246.33 | $1,246.33 | $6,998.58 |
| Second P&I | — | $5,222.65 | — |
| Mortgage insurance | — | — | $202.16 |
| Taxes, insurance & HOA | $927.75 | $927.75 | $927.75 |
| Total housing payment | $2,174.08 | $7,396.73 | $8,128.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$113,199
Closing costs & prepaids$22,422
Usable credit−$0
Total buyer cash needed$135,621
Earnest money paid−$0
Remaining funds due$135,621
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,409.01
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)$1,507.25
Initial HOA (3 months)$626.01
Prepaid interest, first (1 days)$17.29
Prepaid interest, second (1 days)$154.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 2.240%
Interest already paid$37,569Through Nov 2026
Assumption only · ends May 2051$84,620
Assumption + second · ends May 2051, second Dec 2056$1,235,772
New conventional · ends Dec 2056$1,532,948