Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,667/mo
Lowest payment- Down payment
- $867,343
- Funds due
- $892,462
- Interest + MI left
- $242,025
- First ends
- Jun 2050
Assumption
Assumption + second
$8,912/mo
+$5,244/mo- Down payment
- $135,343
- Funds due
- $162,799
- Interest + MI left
- $1,397,915
- First ends
- Jun 2050
New loan
New conventional
$9,569/mo
+$5,902/mo- Down payment
- $135,343
- Funds due
- $157,230
- Interest + MI left
- $1,776,029
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,657 | $482,657 | $1,214,657 |
| Second mortgage | — | $732,000 | — |
| First P&I | $2,569.80 | $2,569.80 | $8,228.51 |
| Second P&I | — | $5,244.14 | — |
| Mortgage insurance | — | — | $242.93 |
| Taxes, insurance & HOA | $1,097.67 | $1,097.67 | $1,097.67 |
| Total housing payment | $3,667.46 | $8,911.60 | $9,569.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$135,343
Closing costs & prepaids$27,457
Usable credit−$0
Total buyer cash needed$162,799
Earnest money paid−$0
Remaining funds due$162,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,413.29
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)$1,620.00
Initial HOA (3 months)$1,023.00
Prepaid interest, first (7 days)$344.34
Prepaid interest, second (7 days)$1,087.97
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 6 moOf the original 30-year loan at 3.72%
Interest already paid$126,163Through Dec 2026
Assumption only · ends Jun 2050$242,025
Assumption + second · ends Jun 2050, second Jan 2057$1,397,915
New conventional · ends Jan 2057$1,776,029