Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,257/mo
Lowest payment- Down payment
- $471,614
- Funds due
- $485,105
- Interest + MI left
- $77,602
- First ends
- Aug 2050
Assumption
Assumption + second
$4,158/mo
+$2,901/mo- Down payment
- $66,614
- Funds due
- $81,441
- Interest + MI left
- $717,131
- First ends
- Aug 2050
New loan
New conventional
$4,547/mo
+$3,290/mo- Down payment
- $66,614
- Funds due
- $77,813
- Interest + MI left
- $898,275
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,386 | $187,386 | $592,386 |
| Second mortgage | — | $405,000 | — |
| First P&I | $929.78 | $929.78 | $4,101.56 |
| Second P&I | — | $2,901.47 | — |
| Mortgage insurance | — | — | $118.48 |
| Taxes, insurance & HOA | $326.75 | $326.75 | $326.75 |
| Total housing payment | $1,256.53 | $4,158.00 | $4,546.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,614
Closing costs & prepaids$14,827
Usable credit−$0
Total buyer cash needed$81,441
Earnest money paid−$0
Remaining funds due$81,441
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$936.93
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)$450.25
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$15.91
Prepaid interest, second (1 days)$85.99
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 9 moOf the original 30-year loan at 3.100%
Interest already paid$39,380Through Nov 2026
Assumption only · ends Aug 2050$77,602
Assumption + second · ends Aug 2050, second Dec 2056$717,131
New conventional · ends Dec 2056$898,275