Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,506/mo
Lowest payment- Down payment
- $517,071
- Funds due
- $532,386
- Interest + MI left
- $85,518
- First ends
- Sep 2050
Assumption
Assumption + second
$4,687/mo
+$3,181/mo- Down payment
- $73,071
- Funds due
- $89,730
- Interest + MI left
- $786,631
- First ends
- Sep 2050
New loan
New conventional
$5,124/mo
+$3,618/mo- Down payment
- $73,071
- Funds due
- $85,937
- Interest + MI left
- $988,694
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,929 | $207,929 | $651,929 |
| Second mortgage | — | $444,000 | — |
| First P&I | $1,026.04 | $1,026.04 | $4,513.82 |
| Second P&I | — | $3,180.87 | — |
| Mortgage insurance | — | — | $130.39 |
| Taxes, insurance & HOA | $479.75 | $479.75 | $479.75 |
| Total housing payment | $1,505.79 | $4,686.66 | $5,123.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,071
Closing costs & prepaids$16,659
Usable credit−$0
Total buyer cash needed$89,730
Earnest money paid−$0
Remaining funds due$89,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.64
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)$789.25
Prepaid interest, first (1 days)$17.49
Prepaid interest, second (1 days)$94.27
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 3.070%
Interest already paid$42,656Through Nov 2026
Assumption only · ends Sep 2050$85,518
Assumption + second · ends Sep 2050, second Dec 2056$786,631
New conventional · ends Dec 2056$988,694