Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,535/mo
Lowest payment- Down payment
- $714,203
- Funds due
- $734,762
- Interest + MI left
- $180,088
- First ends
- Mar 2051
Assumption
Assumption + second
$6,826/mo
+$4,291/mo- Down payment
- $115,203
- Funds due
- $137,139
- Interest + MI left
- $1,125,959
- First ends
- Mar 2051
New loan
New conventional
$7,797/mo
+$5,262/mo- Down payment
- $115,203
- Funds due
- $131,812
- Interest + MI left
- $1,569,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,796 | $435,796 | $1,034,796 |
| Second mortgage | — | $599,000 | — |
| First P&I | $2,109.19 | $2,109.19 | $7,164.72 |
| Second P&I | — | $4,291.31 | — |
| Mortgage insurance | — | — | $206.96 |
| Taxes, insurance & HOA | $425.33 | $425.33 | $425.33 |
| Total housing payment | $2,534.52 | $6,825.83 | $7,797.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$115,203
Closing costs & prepaids$21,936
Usable credit−$0
Total buyer cash needed$137,139
Earnest money paid−$0
Remaining funds due$137,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,178.98
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)$506.00
Initial HOA (3 months)$120.00
Prepaid interest, first (1 days)$36.06
Prepaid interest, second (1 days)$127.18
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 4 moOf the original 30-year loan at 3.020%
Interest already paid$80,221Through Nov 2026
Assumption only · ends Mar 2051$180,088
Assumption + second · ends Mar 2051, second Dec 2056$1,125,959
New conventional · ends Dec 2056$1,569,338