Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,103/mo
Lowest payment- Down payment
- $616,771
- Funds due
- $634,967
- Interest + MI left
- $102,422
- First ends
- Dec 2050
Assumption
Assumption + second
$5,893/mo
+$3,790/mo- Down payment
- $87,771
- Funds due
- $107,329
- Interest + MI left
- $937,758
- First ends
- Dec 2050
New loan
New conventional
$6,463/mo
+$4,360/mo- Down payment
- $87,771
- Funds due
- $103,144
- Interest + MI left
- $1,193,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,229 | $258,229 | $787,229 |
| Second mortgage | — | $529,000 | — |
| First P&I | $1,247.93 | $1,247.93 | $5,450.61 |
| Second P&I | — | $3,789.82 | — |
| Mortgage insurance | — | — | $157.45 |
| Taxes, insurance & HOA | $855.33 | $855.33 | $855.33 |
| Total housing payment | $2,103.26 | $5,893.08 | $6,463.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,771
Closing costs & prepaids$19,558
Usable credit−$0
Total buyer cash needed$107,329
Earnest money paid−$0
Remaining funds due$107,329
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,291.15
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)$1,030.00
Initial HOA (3 months)$885.99
Prepaid interest, first (1 days)$20.80
Prepaid interest, second (1 days)$112.32
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 1 moOf the original 30-year loan at 2.940%
Interest already paid$48,552Through Nov 2026
Assumption only · ends Dec 2050$102,422
Assumption + second · ends Dec 2050, second Dec 2056$937,758
New conventional · ends Dec 2056$1,193,886