Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,529/mo
Lowest payment- Down payment
- $477,252
- Funds due
- $495,204
- Interest + MI left
- $161,066
- First ends
- Sep 2050
Assumption
Assumption + second
$5,337/mo
+$2,808/mo- Down payment
- $85,252
- Funds due
- $104,537
- Interest + MI left
- $780,067
- First ends
- Sep 2050
New loan
New conventional
$6,110/mo
+$3,581/mo- Down payment
- $85,252
- Funds due
- $99,817
- Interest + MI left
- $1,159,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,748 | $372,748 | $764,748 |
| Second mortgage | — | $392,000 | — |
| First P&I | $1,866.48 | $1,866.48 | $5,294.96 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | — | — | $152.95 |
| Taxes, insurance & HOA | $662.42 | $662.42 | $662.42 |
| Total housing payment | $2,528.90 | $5,337.23 | $6,110.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,252
Closing costs & prepaids$19,285
Usable credit−$0
Total buyer cash needed$104,537
Earnest money paid−$0
Remaining funds due$104,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,863.74
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)$953.25
Initial HOA (3 months)$384.00
Prepaid interest, first (1 days)$32.78
Prepaid interest, second (1 days)$83.23
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 3.210%
Interest already paid$79,823Through Nov 2026
Assumption only · ends Sep 2050$161,066
Assumption + second · ends Sep 2050, second Dec 2056$780,067
New conventional · ends Dec 2056$1,159,792