Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,140/mo
Lowest payment- Down payment
- $563,784
- Funds due
- $577,902
- Interest + MI left
- $52,226
- First ends
- Dec 2050
Assumption
Assumption + second
$4,671/mo
+$3,532/mo- Down payment
- $70,784
- Funds due
- $86,256
- Interest + MI left
- $830,715
- First ends
- Dec 2050
New loan
New conventional
$4,966/mo
+$3,827/mo- Down payment
- $70,784
- Funds due
- $82,842
- Interest + MI left
- $952,606
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,216 | $135,216 | $628,216 |
| Second mortgage | — | $493,000 | — |
| First P&I | $648.59 | $648.59 | $4,349.64 |
| Second P&I | — | $3,531.91 | — |
| Mortgage insurance | — | — | $125.64 |
| Taxes, insurance & HOA | $491.00 | $491.00 | $491.00 |
| Total housing payment | $1,139.59 | $4,671.50 | $4,966.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,784
Closing costs & prepaids$15,472
Usable credit−$0
Total buyer cash needed$86,256
Earnest money paid−$0
Remaining funds due$86,256
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%)$676.08
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)$663.00
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$10.63
Prepaid interest, second (1 days)$104.68
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 2.870%
Interest already paid$24,838Through Nov 2026
Assumption only · ends Dec 2050$52,226
Assumption + second · ends Dec 2050, second Dec 2056$830,715
New conventional · ends Dec 2056$952,606