Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,083/mo
Lowest payment- Down payment
- $595,064
- Funds due
- $612,965
- Interest + MI left
- $129,995
- First ends
- Sep 2050
Assumption
Assumption + second
$5,701/mo
+$3,618/mo- Down payment
- $90,064
- Funds due
- $109,858
- Interest + MI left
- $927,433
- First ends
- Sep 2050
New loan
New conventional
$6,189/mo
+$4,105/mo- Down payment
- $90,064
- Funds due
- $105,562
- Interest + MI left
- $1,176,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,936 | $299,936 | $804,936 |
| Second mortgage | — | $505,000 | — |
| First P&I | $1,508.53 | $1,508.53 | $5,452.92 |
| Second P&I | — | $3,617.88 | — |
| Mortgage insurance | — | — | $160.99 |
| Taxes, insurance & HOA | $574.67 | $574.67 | $574.67 |
| Total housing payment | $2,083.20 | $5,701.08 | $6,188.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,064
Closing costs & prepaids$19,794
Usable credit−$0
Total buyer cash needed$109,858
Earnest money paid−$0
Remaining funds due$109,858
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,499.68
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)$1,074.00
Prepaid interest, first (6 days)$159.25
Prepaid interest, second (6 days)$643.36
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 9 moOf the original 30-year loan at 3.23%
Interest already paid$65,576Through Dec 2026
Assumption only · ends Sep 2050$129,995
Assumption + second · ends Sep 2050, second Jan 2057$927,433
New conventional · ends Jan 2057$1,176,950