Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,552/mo
Lowest payment- Down payment
- $425,810
- Funds due
- $446,427
- Interest + MI left
- $258,144
- First ends
- Aug 2050
Assumption
Assumption + second
$5,880/mo
+$2,328/mo- Down payment
- $100,810
- Funds due
- $123,092
- Interest + MI left
- $771,347
- First ends
- Aug 2050
New loan
New conventional
$6,892/mo
+$3,340/mo- Down payment
- $100,810
- Funds due
- $117,501
- Interest + MI left
- $1,314,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $574,187 | $574,187 | $899,187 |
| Second mortgage | — | $325,000 | — |
| First P&I | $2,930.74 | $2,930.74 | $6,091.41 |
| Second P&I | — | $2,328.34 | — |
| Mortgage insurance | — | — | $179.84 |
| Taxes, insurance & HOA | $620.84 | $620.84 | $620.84 |
| Total housing payment | $3,551.58 | $5,879.92 | $6,892.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,810
Closing costs & prepaids$22,282
Usable credit−$0
Total buyer cash needed$123,092
Earnest money paid−$0
Remaining funds due$123,092
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,999.97
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,870.94
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)$1,200.00
Initial HOA (3 months)$12.51
Prepaid interest, first (6 days)$316.20
Prepaid interest, second (6 days)$414.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 8 moOf the original 30-year loan at 3.35%
Interest already paid$131,924Through Dec 2026
Assumption only · ends Aug 2050$258,144
Assumption + second · ends Aug 2050, second Jan 2057$771,347
New conventional · ends Jan 2057$1,314,760