Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,968/mo
Lowest payment- Down payment
- $413,644
- Funds due
- $435,962
- Interest + MI left
- $265,068
- First ends
- Dec 2050
Assumption
Assumption + second
$6,139/mo
+$2,171/mo- Down payment
- $110,644
- Funds due
- $134,598
- Interest + MI left
- $743,531
- First ends
- Dec 2050
New loan
New conventional
$7,564/mo
+$3,596/mo- Down payment
- $110,644
- Funds due
- $128,474
- Interest + MI left
- $1,446,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $686,256 | $686,256 | $989,256 |
| Second mortgage | — | $303,000 | — |
| First P&I | $3,303.21 | $3,303.21 | $6,701.56 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | — | — | $197.85 |
| Taxes, insurance & HOA | $665.00 | $665.00 | $665.00 |
| Total housing payment | $3,968.21 | $6,138.94 | $7,564.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,644
Closing costs & prepaids$23,954
Usable credit−$0
Total buyer cash needed$134,598
Earnest money paid−$0
Remaining funds due$134,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,431.28
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)$1,320.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$324.89
Prepaid interest, second (6 days)$386.01
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 closing24 yrOf the original 30-year loan at 2.88%
Interest already paid$128,439Through Dec 2026
Assumption only · ends Dec 2050$265,068
Assumption + second · ends Dec 2050, second Jan 2057$743,531
New conventional · ends Jan 2057$1,446,456