Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
Lowest payment- Down payment
- $795,579
- Funds due
- $816,884
- Interest + MI left
- $158,198
- First ends
- Oct 2050
Assumption
Assumption + second
$7,359/mo
+$4,836/mo- Down payment
- $120,579
- Funds due
- $143,278
- Interest + MI left
- $1,224,080
- First ends
- Oct 2050
New loan
New conventional
$8,248/mo
+$5,726/mo- Down payment
- $120,579
- Funds due
- $138,055
- Interest + MI left
- $1,635,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,421 | $403,421 | $1,078,421 |
| Second mortgage | — | $675,000 | — |
| First P&I | $1,956.86 | $1,956.86 | $7,466.77 |
| Second P&I | — | $4,835.78 | — |
| Mortgage insurance | — | — | $215.68 |
| Taxes, insurance & HOA | $565.92 | $565.92 | $565.92 |
| Total housing payment | $2,522.78 | $7,358.56 | $8,248.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,579
Closing costs & prepaids$22,699
Usable credit−$0
Total buyer cash needed$143,278
Earnest money paid−$0
Remaining funds due$143,278
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,017.11
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)$669.75
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$32.38
Prepaid interest, second (1 days)$143.32
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 closing23 yr 11 moOf the original 30-year loan at 2.930%
Interest already paid$77,942Through Nov 2026
Assumption only · ends Oct 2050$158,198
Assumption + second · ends Oct 2050, second Dec 2056$1,224,080
New conventional · ends Dec 2056$1,635,498