Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,692/mo
Lowest payment- Down payment
- $559,388
- Funds due
- $575,674
- Interest + MI left
- $103,203
- First ends
- Sep 2050
Assumption
Assumption + second
$5,117/mo
+$3,424/mo- Down payment
- $81,388
- Funds due
- $99,025
- Interest + MI left
- $858,005
- First ends
- Sep 2050
New loan
New conventional
$5,628/mo
+$3,935/mo- Down payment
- $81,388
- Funds due
- $94,964
- Interest + MI left
- $1,097,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,612 | $245,612 | $723,612 |
| Second mortgage | — | $478,000 | — |
| First P&I | $1,219.63 | $1,219.63 | $5,010.14 |
| Second P&I | — | $3,424.45 | — |
| Mortgage insurance | — | — | $144.72 |
| Taxes, insurance & HOA | $472.75 | $472.75 | $472.75 |
| Total housing payment | $1,692.38 | $5,116.83 | $5,627.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,388
Closing costs & prepaids$17,637
Usable credit−$0
Total buyer cash needed$99,025
Earnest money paid−$0
Remaining funds due$99,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,228.06
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)$671.50
Initial HOA (3 months)$96.75
Prepaid interest, first (1 days)$21.06
Prepaid interest, second (1 days)$101.49
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 10 moOf the original 30-year loan at 3.130%
Interest already paid$51,334Through Nov 2026
Assumption only · ends Sep 2050$103,203
Assumption + second · ends Sep 2050, second Dec 2056$858,005
New conventional · ends Dec 2056$1,097,262