Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,146/mo
Lowest payment- Down payment
- $666,792
- Funds due
- $690,982
- Interest + MI left
- $297,374
- First ends
- Apr 2050
Assumption
Assumption + second
$8,008/mo
+$3,861/mo- Down payment
- $127,792
- Funds due
- $153,346
- Interest + MI left
- $1,148,500
- First ends
- Apr 2050
New loan
New conventional
$9,096/mo
+$4,950/mo- Down payment
- $127,792
- Funds due
- $147,042
- Interest + MI left
- $1,739,818
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $608,208 | $608,208 | $1,147,208 |
| Second mortgage | — | $539,000 | — |
| First P&I | $3,222.71 | $3,222.71 | $7,943.04 |
| Second P&I | — | $3,861.46 | — |
| Mortgage insurance | — | — | $229.44 |
| Taxes, insurance & HOA | $923.42 | $923.42 | $923.42 |
| Total housing payment | $4,146.13 | $8,007.59 | $9,095.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$127,792
Closing costs & prepaids$25,555
Usable credit−$0
Total buyer cash needed$153,346
Earnest money paid−$0
Remaining funds due$153,346
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,041.04
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)$1,550.25
Initial HOA (3 months)$570.00
Prepaid interest, first (1 days)$60.82
Prepaid interest, second (1 days)$114.45
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 5 moOf the original 30-year loan at 3.650%
Interest already paid$158,322Through Nov 2026
Assumption only · ends Apr 2050$297,374
Assumption + second · ends Apr 2050, second Dec 2056$1,148,500
New conventional · ends Dec 2056$1,739,818