Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,227/mo
Lowest payment- Down payment
- $508,591
- Funds due
- $526,189
- Interest + MI left
- $137,488
- First ends
- Oct 2050
Assumption
Assumption + second
$5,258/mo
+$3,030/mo- Down payment
- $85,591
- Funds due
- $104,978
- Interest + MI left
- $805,441
- First ends
- Oct 2050
New loan
New conventional
$5,881/mo
+$3,653/mo- Down payment
- $85,591
- Funds due
- $100,570
- Interest + MI left
- $1,116,230
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,409 | $340,409 | $763,409 |
| Second mortgage | — | $423,000 | — |
| First P&I | $1,670.97 | $1,670.97 | $5,171.60 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | — | — | $152.68 |
| Taxes, insurance & HOA | $556.25 | $556.25 | $556.25 |
| Total housing payment | $2,227.22 | $5,257.64 | $5,880.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,591
Closing costs & prepaids$19,387
Usable credit−$0
Total buyer cash needed$104,978
Earnest money paid−$0
Remaining funds due$104,978
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,702.04
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)$1,018.75
Prepaid interest, first (6 days)$168.99
Prepaid interest, second (6 days)$538.89
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 3.02%
Interest already paid$68,736Through Dec 2026
Assumption only · ends Oct 2050$137,488
Assumption + second · ends Oct 2050, second Jan 2057$805,441
New conventional · ends Jan 2057$1,116,230