Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,612/mo
Lowest payment- Down payment
- $672,072
- Funds due
- $692,175
- Interest + MI left
- $134,384
- First ends
- Jul 2050
Assumption
Assumption + second
$6,724/mo
+$4,112/mo- Down payment
- $98,072
- Funds due
- $119,669
- Interest + MI left
- $1,040,778
- First ends
- Jul 2050
New loan
New conventional
$7,319/mo
+$4,707/mo- Down payment
- $98,072
- Funds due
- $115,188
- Interest + MI left
- $1,329,920
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,928 | $302,928 | $876,928 |
| Second mortgage | — | $574,000 | — |
| First P&I | $1,539.83 | $1,539.83 | $6,071.67 |
| Second P&I | — | $4,112.21 | — |
| Mortgage insurance | — | — | $175.39 |
| Taxes, insurance & HOA | $1,071.92 | $1,071.92 | $1,071.92 |
| Total housing payment | $2,611.75 | $6,723.96 | $7,318.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,072
Closing costs & prepaids$21,597
Usable credit−$0
Total buyer cash needed$119,669
Earnest money paid−$0
Remaining funds due$119,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,514.64
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)$1,087.75
Initial HOA (3 months)$1,478.01
Prepaid interest, first (2 days)$54.94
Prepaid interest, second (2 days)$243.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 3.310%
Interest already paid$68,801Through Nov 2026
Assumption only · ends Jul 2050$134,384
Assumption + second · ends Jul 2050, second Dec 2056$1,040,778
New conventional · ends Dec 2056$1,329,920