Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $615,916
- Funds due
- $633,744
- Interest + MI left
- $131,787
- First ends
- May 2050
Assumption
Assumption + second
$5,840/mo
+$3,761/mo- Down payment
- $90,916
- Funds due
- $110,106
- Interest + MI left
- $960,806
- First ends
- May 2050
New loan
New conventional
$6,368/mo
+$4,289/mo- Down payment
- $90,916
- Funds due
- $105,759
- Interest + MI left
- $1,226,867
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,083 | $284,083 | $809,083 |
| Second mortgage | — | $525,000 | — |
| First P&I | $1,474.72 | $1,474.72 | $5,601.93 |
| Second P&I | — | $3,761.16 | — |
| Mortgage insurance | — | — | $161.82 |
| Taxes, insurance & HOA | $604.33 | $604.33 | $604.33 |
| Total housing payment | $2,079.05 | $5,840.21 | $6,368.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,916
Closing costs & prepaids$19,190
Usable credit−$0
Total buyer cash needed$110,106
Earnest money paid−$0
Remaining funds due$110,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,420.42
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)$1,163.00
Prepaid interest, first (1 days)$27.01
Prepaid interest, second (1 days)$111.47
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 closing23 yr 6 moOf the original 30-year loan at 3.470%
Interest already paid$69,471Through Nov 2026
Assumption only · ends May 2050$131,787
Assumption + second · ends May 2050, second Dec 2056$960,806
New conventional · ends Dec 2056$1,226,867