Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,345/mo
Lowest payment- Down payment
- $521,938
- Funds due
- $545,928
- Interest + MI left
- $270,224
- First ends
- Nov 2050
Assumption
Assumption + second
$7,261/mo
+$2,916/mo- Down payment
- $114,938
- Funds due
- $140,351
- Interest + MI left
- $912,911
- First ends
- Nov 2050
New loan
New conventional
$8,596/mo
+$4,251/mo- Down payment
- $114,938
- Funds due
- $134,160
- Interest + MI left
- $1,568,225
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $627,062 | $627,062 | $1,034,062 |
| Second mortgage | — | $407,000 | — |
| First P&I | $3,115.58 | $3,115.58 | $7,159.64 |
| Second P&I | — | $2,915.80 | — |
| Mortgage insurance | — | — | $206.81 |
| Taxes, insurance & HOA | $1,229.17 | $1,229.17 | $1,229.17 |
| Total housing payment | $4,344.74 | $7,260.54 | $8,595.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$114,938
Closing costs & prepaids$25,413
Usable credit−$0
Total buyer cash needed$140,351
Earnest money paid−$0
Remaining funds due$140,351
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,135.31
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)$2,872.50
Initial HOA (3 months)$165.00
Prepaid interest, first (2 days)$109.26
Prepaid interest, second (2 days)$172.84
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 closing24 yrOf the original 30-year loan at 3.180%
Interest already paid$129,138Through Nov 2026
Assumption only · ends Nov 2050$270,224
Assumption + second · ends Nov 2050, second Dec 2056$912,911
New conventional · ends Dec 2056$1,568,225