Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,643/mo
Lowest payment- Down payment
- $374,698
- Funds due
- $398,073
- Interest + MI left
- $340,910
- First ends
- Aug 2050
Assumption
Assumption + second
$6,484/mo
+$1,841/mo- Down payment
- $117,698
- Funds due
- $142,432
- Interest + MI left
- $746,734
- First ends
- Aug 2050
New loan
New conventional
$8,171/mo
+$3,528/mo- Down payment
- $117,698
- Funds due
- $135,391
- Interest + MI left
- $1,603,470
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $800,302 | $800,302 | $1,057,302 |
| Second mortgage | — | $257,000 | — |
| First P&I | $4,004.25 | $4,004.25 | $7,320.55 |
| Second P&I | — | $1,841.18 | — |
| Mortgage insurance | — | — | $211.46 |
| Taxes, insurance & HOA | $638.84 | $638.84 | $638.84 |
| Total housing payment | $4,643.09 | $6,484.27 | $8,170.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$117,698
Closing costs & prepaids$24,735
Usable credit−$0
Total buyer cash needed$142,432
Earnest money paid−$0
Remaining funds due$142,432
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,001.51
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)$1,239.00
Initial HOA (3 months)$27.51
Prepaid interest, first (2 days)$139.45
Prepaid interest, second (2 days)$109.14
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 9 moOf the original 30-year loan at 3.180%
Interest already paid$172,365Through Nov 2026
Assumption only · ends Aug 2050$340,910
Assumption + second · ends Aug 2050, second Dec 2056$746,734
New conventional · ends Dec 2056$1,603,470