Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $534,925
- Funds due
- $551,867
- Interest + MI left
- $118,474
- First ends
- Sep 2050
Assumption
Assumption + second
$5,203/mo
+$3,245/mo- Down payment
- $81,925
- Funds due
- $100,694
- Interest + MI left
- $833,799
- First ends
- Sep 2050
New loan
New conventional
$5,672/mo
+$3,714/mo- Down payment
- $81,925
- Funds due
- $96,574
- Interest + MI left
- $1,071,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,075 | $280,075 | $733,075 |
| Second mortgage | — | $453,000 | — |
| First P&I | $1,398.42 | $1,398.42 | $4,966.11 |
| Second P&I | — | $3,245.35 | — |
| Mortgage insurance | — | — | $146.62 |
| Taxes, insurance & HOA | $559.34 | $559.34 | $559.34 |
| Total housing payment | $1,957.75 | $5,203.10 | $5,672.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$81,925
Closing costs & prepaids$18,769
Usable credit−$0
Total buyer cash needed$100,694
Earnest money paid−$0
Remaining funds due$100,694
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,400.37
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)$978.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$145.49
Prepaid interest, second (6 days)$577.11
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 3.16%
Interest already paid$59,956Through Dec 2026
Assumption only · ends Sep 2050$118,474
Assumption + second · ends Sep 2050, second Jan 2057$833,799
New conventional · ends Jan 2057$1,071,877