Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,209/mo
Lowest payment- Down payment
- $735,966
- Funds due
- $759,024
- Interest + MI left
- $196,283
- First ends
- Oct 2050
Assumption
Assumption + second
$7,580/mo
+$4,370/mo- Down payment
- $125,966
- Funds due
- $151,051
- Interest + MI left
- $1,159,524
- First ends
- Oct 2050
New loan
New conventional
$8,565/mo
+$5,356/mo- Down payment
- $125,966
- Funds due
- $145,486
- Interest + MI left
- $1,643,524
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,034 | $514,034 | $1,124,034 |
| Second mortgage | — | $610,000 | — |
| First P&I | $2,483.63 | $2,483.63 | $7,614.60 |
| Second P&I | — | $4,370.11 | — |
| Mortgage insurance | — | — | $224.81 |
| Taxes, insurance & HOA | $725.84 | $725.84 | $725.84 |
| Total housing payment | $3,209.46 | $7,579.58 | $8,565.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$125,966
Closing costs & prepaids$25,085
Usable credit−$0
Total buyer cash needed$151,051
Earnest money paid−$0
Remaining funds due$151,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,570.17
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)$1,500.00
Initial HOA (3 months)$27.51
Prepaid interest, first (6 days)$242.51
Prepaid interest, second (6 days)$777.12
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$98,818Through Dec 2026
Assumption only · ends Oct 2050$196,283
Assumption + second · ends Oct 2050, second Jan 2057$1,159,524
New conventional · ends Jan 2057$1,643,524