Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
Lowest payment- Down payment
- $444,628
- Funds due
- $459,425
- Interest + MI left
- $122,552
- First ends
- Apr 2050
Assumption
Assumption + second
$4,555/mo
+$2,687/mo- Down payment
- $69,628
- Funds due
- $85,755
- Interest + MI left
- $714,709
- First ends
- Apr 2050
New loan
New conventional
$4,978/mo
+$3,110/mo- Down payment
- $69,628
- Funds due
- $81,810
- Interest + MI left
- $940,836
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,372 | $245,372 | $620,372 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,309.34 | $1,309.34 | $4,295.33 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $124.07 |
| Taxes, insurance & HOA | $559.08 | $559.08 | $559.08 |
| Total housing payment | $1,868.42 | $4,554.97 | $4,978.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,628
Closing costs & prepaids$16,127
Usable credit−$0
Total buyer cash needed$85,755
Earnest money paid−$0
Remaining funds due$85,755
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,226.86
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)$802.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$25.01
Prepaid interest, second (1 days)$79.62
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 3.720%
Interest already paid$65,044Through Nov 2026
Assumption only · ends Apr 2050$122,552
Assumption + second · ends Apr 2050, second Dec 2056$714,709
New conventional · ends Dec 2056$940,836