Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $680,132
- Funds due
- $698,049
- Interest + MI left
- $123,852
- First ends
- Apr 2050
Assumption
Assumption + second
$6,084/mo
+$4,191/mo- Down payment
- $95,132
- Funds due
- $114,423
- Interest + MI left
- $1,047,616
- First ends
- Apr 2050
New loan
New conventional
$6,581/mo
+$4,688/mo- Down payment
- $95,132
- Funds due
- $110,104
- Interest + MI left
- $1,296,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,768 | $269,768 | $854,768 |
| Second mortgage | — | $585,000 | — |
| First P&I | $1,400.78 | $1,400.78 | $5,918.24 |
| Second P&I | — | $4,191.01 | — |
| Mortgage insurance | — | — | $170.95 |
| Taxes, insurance & HOA | $491.92 | $491.92 | $491.92 |
| Total housing payment | $1,892.70 | $6,083.71 | $6,581.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,132
Closing costs & prepaids$19,291
Usable credit−$0
Total buyer cash needed$114,423
Earnest money paid−$0
Remaining funds due$114,423
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,348.84
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)$657.75
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$25.50
Prepaid interest, second (1 days)$124.21
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 3.450%
Interest already paid$66,535Through Nov 2026
Assumption only · ends Apr 2050$123,852
Assumption + second · ends Apr 2050, second Dec 2056$1,047,616
New conventional · ends Dec 2056$1,296,313