Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,229/mo
Lowest payment- Down payment
- $386,836
- Funds due
- $409,371
- Interest + MI left
- $285,812
- First ends
- Jul 2050
Assumption
Assumption + second
$6,228/mo
+$1,999/mo- Down payment
- $107,836
- Funds due
- $132,035
- Interest + MI left
- $726,376
- First ends
- Jul 2050
New loan
New conventional
$7,533/mo
+$3,304/mo- Down payment
- $107,836
- Funds due
- $125,977
- Interest + MI left
- $1,414,154
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $688,164 | $688,164 | $967,164 |
| Second mortgage | — | $279,000 | — |
| First P&I | $3,441.61 | $3,441.61 | $6,551.91 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | — | — | $193.43 |
| Taxes, insurance & HOA | $787.67 | $787.67 | $787.67 |
| Total housing payment | $4,229.28 | $6,228.07 | $7,533.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,836
Closing costs & prepaids$24,200
Usable credit−$0
Total buyer cash needed$132,035
Earnest money paid−$0
Remaining funds due$132,035
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,440.82
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)$1,290.00
Initial HOA (3 months)$423.00
Prepaid interest, first (7 days)$413.09
Prepaid interest, second (7 days)$414.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 3.13%
Interest already paid$150,268Through Dec 2026
Assumption only · ends Jul 2050$285,812
Assumption + second · ends Jul 2050, second Jan 2057$726,376
New conventional · ends Jan 2057$1,414,154