Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,257/mo
Lowest payment- Down payment
- $523,131
- Funds due
- $537,306
- Interest + MI left
- $68,083
- First ends
- Oct 2051
Assumption
Assumption + second
$4,503/mo
+$3,245/mo- Down payment
- $70,131
- Funds due
- $85,652
- Interest + MI left
- $783,408
- First ends
- Oct 2051
New loan
New conventional
$4,921/mo
+$3,664/mo- Down payment
- $70,131
- Funds due
- $82,047
- Interest + MI left
- $953,722
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,869 | $175,869 | $628,869 |
| Second mortgage | — | $453,000 | — |
| First P&I | $815.89 | $815.89 | $4,354.16 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | — | — | $125.77 |
| Taxes, insurance & HOA | $441.50 | $441.50 | $441.50 |
| Total housing payment | $1,257.39 | $4,502.74 | $4,921.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,131
Closing costs & prepaids$15,521
Usable credit−$0
Total buyer cash needed$85,652
Earnest money paid−$0
Remaining funds due$85,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$879.35
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$670.50
Initial HOA (3 months)$153.99
Prepaid interest, first (1 days)$13.39
Prepaid interest, second (1 days)$96.18
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 11 moOf the original 30-year loan at 2.780%
Interest already paid$26,559Through Nov 2026
Assumption only · ends Oct 2051$68,083
Assumption + second · ends Oct 2051, second Dec 2056$783,408
New conventional · ends Dec 2056$953,722