Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,101/mo
Lowest payment- Down payment
- $903,620
- Funds due
- $931,175
- Interest + MI left
- $257,347
- First ends
- Oct 2050
Assumption
Assumption + second
$9,446/mo
+$5,344/mo- Down payment
- $157,620
- Funds due
- $187,376
- Interest + MI left
- $1,435,344
- First ends
- Oct 2050
New loan
New conventional
$10,739/mo
+$6,638/mo- Down payment
- $157,620
- Funds due
- $180,804
- Interest + MI left
- $2,072,444
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $671,380 | $671,380 | $1,417,380 |
| Second mortgage | — | $746,000 | — |
| First P&I | $3,247.30 | $3,247.30 | $9,601.83 |
| Second P&I | — | $5,344.44 | — |
| Mortgage insurance | — | — | $283.48 |
| Taxes, insurance & HOA | $854.17 | $854.17 | $854.17 |
| Total housing payment | $4,101.46 | $9,445.90 | $10,739.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$157,620
Closing costs & prepaids$29,756
Usable credit−$0
Total buyer cash needed$187,376
Earnest money paid−$0
Remaining funds due$187,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$15,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,356.90
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)$1,890.00
Initial HOA (3 months)$22.50
Prepaid interest, first (6 days)$317.85
Prepaid interest, second (6 days)$950.38
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 2.88%
Interest already paid$129,500Through Dec 2026
Assumption only · ends Oct 2050$257,347
Assumption + second · ends Oct 2050, second Jan 2057$1,435,344
New conventional · ends Jan 2057$2,072,444