Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,665/mo
Lowest payment- Down payment
- $456,346
- Funds due
- $474,172
- Interest + MI left
- $158,520
- First ends
- Mar 2050
Assumption
Assumption + second
$5,373/mo
+$2,708/mo- Down payment
- $78,346
- Funds due
- $97,502
- Interest + MI left
- $755,413
- First ends
- Mar 2050
New loan
New conventional
$5,923/mo
+$3,259/mo- Down payment
- $78,346
- Funds due
- $93,110
- Interest + MI left
- $1,056,383
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,654 | $318,654 | $696,654 |
| Second mortgage | — | $378,000 | — |
| First P&I | $1,704.19 | $1,704.19 | $4,823.49 |
| Second P&I | — | $2,708.04 | — |
| Mortgage insurance | — | — | $139.33 |
| Taxes, insurance & HOA | $960.50 | $960.50 | $960.50 |
| Total housing payment | $2,664.69 | $5,372.72 | $5,923.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,346
Closing costs & prepaids$19,155
Usable credit−$0
Total buyer cash needed$97,502
Earnest money paid−$0
Remaining funds due$97,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,593.27
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)$2,032.50
Initial HOA (3 months)$198.99
Prepaid interest, first (1 days)$32.48
Prepaid interest, second (1 days)$80.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.720%
Interest already paid$85,649Through Nov 2026
Assumption only · ends Mar 2050$158,520
Assumption + second · ends Mar 2050, second Dec 2056$755,413
New conventional · ends Dec 2056$1,056,383