Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,055/mo
Lowest payment- Down payment
- $480,528
- Funds due
- $497,098
- Interest + MI left
- $108,953
- First ends
- Aug 2050
Assumption
Assumption + second
$4,964/mo
+$2,909/mo- Down payment
- $74,528
- Funds due
- $92,434
- Interest + MI left
- $750,061
- First ends
- Aug 2050
New loan
New conventional
$5,499/mo
+$3,444/mo- Down payment
- $74,528
- Funds due
- $88,379
- Interest + MI left
- $1,007,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,472 | $258,472 | $664,472 |
| Second mortgage | — | $406,000 | — |
| First P&I | $1,289.21 | $1,289.21 | $4,600.67 |
| Second P&I | — | $2,908.63 | — |
| Mortgage insurance | — | — | $132.89 |
| Taxes, insurance & HOA | $765.67 | $765.67 | $765.67 |
| Total housing payment | $2,054.88 | $4,963.51 | $5,499.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,528
Closing costs & prepaids$17,906
Usable credit−$0
Total buyer cash needed$92,434
Earnest money paid−$0
Remaining funds due$92,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,292.36
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)$1,209.00
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$22.31
Prepaid interest, second (1 days)$86.21
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 9 moOf the original 30-year loan at 3.150%
Interest already paid$55,163Through Nov 2026
Assumption only · ends Aug 2050$108,953
Assumption + second · ends Aug 2050, second Dec 2056$750,061
New conventional · ends Dec 2056$1,007,716