Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,669/mo
Lowest payment- Down payment
- $402,286
- Funds due
- $423,053
- Interest + MI left
- $264,378
- First ends
- Sep 2050
Assumption
Assumption + second
$5,840/mo
+$2,171/mo- Down payment
- $99,286
- Funds due
- $121,689
- Interest + MI left
- $742,840
- First ends
- Sep 2050
New loan
New conventional
$6,891/mo
+$3,222/mo- Down payment
- $99,286
- Funds due
- $116,057
- Interest + MI left
- $1,302,371
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $587,714 | $587,714 | $890,714 |
| Second mortgage | — | $303,000 | — |
| First P&I | $2,989.79 | $2,989.79 | $6,034.01 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $178.14 |
| Taxes, insurance & HOA | $679.34 | $679.34 | $679.34 |
| Total housing payment | $3,669.13 | $5,839.86 | $6,891.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,286
Closing costs & prepaids$22,403
Usable credit−$0
Total buyer cash needed$121,689
Earnest money paid−$0
Remaining funds due$121,689
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,938.57
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)$1,188.00
Initial HOA (3 months)$200.01
Prepaid interest, first (6 days)$322.68
Prepaid interest, second (6 days)$386.01
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 9 moOf the original 30-year loan at 3.34%
Interest already paid$132,698Through Dec 2026
Assumption only · ends Sep 2050$264,378
Assumption + second · ends Sep 2050, second Jan 2057$742,840
New conventional · ends Jan 2057$1,302,371