Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,254/mo
Lowest payment- Down payment
- $596,615
- Funds due
- $614,285
- Interest + MI left
- $166,132
- First ends
- Feb 2049
Assumption
Assumption + second
$5,901/mo
+$3,647/mo- Down payment
- $87,615
- Funds due
- $107,183
- Interest + MI left
- $969,886
- First ends
- Feb 2049
New loan
New conventional
$6,075/mo
+$3,820/mo- Down payment
- $87,615
- Funds due
- $102,943
- Interest + MI left
- $1,151,287
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,385 | $278,385 | $787,385 |
| Second mortgage | — | $509,000 | — |
| First P&I | $1,671.12 | $1,671.12 | $5,334.02 |
| Second P&I | — | $3,646.54 | — |
| Mortgage insurance | — | — | $157.48 |
| Taxes, insurance & HOA | $583.34 | $583.34 | $583.34 |
| Total housing payment | $2,254.45 | $5,900.99 | $6,074.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,615
Closing costs & prepaids$19,569
Usable credit−$0
Total buyer cash needed$107,183
Earnest money paid−$0
Remaining funds due$107,183
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,391.93
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)$1,050.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$210.51
Prepaid interest, second (6 days)$648.45
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 closing22 yr 2 moOf the original 30-year loan at 4.6%
Interest already paid$109,491Through Dec 2026
Assumption only · ends Feb 2049$166,132
Assumption + second · ends Feb 2049, second Jan 2057$969,886
New conventional · ends Jan 2057$1,151,287