Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,296/mo
Lowest payment- Down payment
- $858,035
- Funds due
- $885,497
- Interest + MI left
- $298,193
- First ends
- Dec 2050
Assumption
Assumption + second
$9,332/mo
+$5,036/mo- Down payment
- $155,035
- Funds due
- $184,643
- Interest + MI left
- $1,408,289
- First ends
- Dec 2050
New loan
New conventional
$10,586/mo
+$6,291/mo- Down payment
- $155,035
- Funds due
- $177,979
- Interest + MI left
- $2,039,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $691,965 | $691,965 | $1,394,965 |
| Second mortgage | — | $703,000 | — |
| First P&I | $3,438.05 | $3,438.05 | $9,449.98 |
| Second P&I | — | $5,036.38 | — |
| Mortgage insurance | — | — | $278.99 |
| Taxes, insurance & HOA | $857.50 | $857.50 | $857.50 |
| Total housing payment | $4,295.55 | $9,331.92 | $10,586.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$155,035
Closing costs & prepaids$29,608
Usable credit−$0
Total buyer cash needed$184,643
Earnest money paid−$0
Remaining funds due$184,643
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,459.82
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)$1,860.00
Initial HOA (3 months)$62.49
Prepaid interest, first (6 days)$361.72
Prepaid interest, second (6 days)$895.60
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 closing24 yrOf the original 30-year loan at 3.18%
Interest already paid$142,504Through Dec 2026
Assumption only · ends Dec 2050$298,193
Assumption + second · ends Dec 2050, second Jan 2057$1,408,289
New conventional · ends Jan 2057$2,039,670