Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,192/mo
Lowest payment- Down payment
- $561,655
- Funds due
- $585,166
- Interest + MI left
- $307,446
- First ends
- Feb 2050
Assumption
Assumption + second
$7,351/mo
+$3,159/mo- Down payment
- $120,655
- Funds due
- $145,978
- Interest + MI left
- $1,003,822
- First ends
- Feb 2050
New loan
New conventional
$8,317/mo
+$4,126/mo- Down payment
- $120,655
- Funds due
- $139,866
- Interest + MI left
- $1,578,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $638,345 | $638,345 | $1,079,345 |
| Second mortgage | — | $441,000 | — |
| First P&I | $3,402.13 | $3,402.13 | $7,311.86 |
| Second P&I | — | $3,159.38 | — |
| Mortgage insurance | — | — | $215.87 |
| Taxes, insurance & HOA | $789.67 | $789.67 | $789.67 |
| Total housing payment | $4,191.79 | $7,351.17 | $8,317.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,655
Closing costs & prepaids$25,323
Usable credit−$0
Total buyer cash needed$145,978
Earnest money paid−$0
Remaining funds due$145,978
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,191.72
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)$1,440.00
Initial HOA (3 months)$279.00
Prepaid interest, first (6 days)$381.96
Prepaid interest, second (6 days)$561.82
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 2 moOf the original 30-year loan at 3.64%
Interest already paid$172,702Through Dec 2026
Assumption only · ends Feb 2050$307,446
Assumption + second · ends Feb 2050, second Jan 2057$1,003,822
New conventional · ends Jan 2057$1,578,181