Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
Lowest payment- Down payment
- $905,426
- Funds due
- $927,379
- Interest + MI left
- $132,201
- First ends
- Jul 2050
Assumption
Assumption + second
$8,102/mo
+$5,631/mo- Down payment
- $119,426
- Funds due
- $142,963
- Interest + MI left
- $1,373,361
- First ends
- Jul 2050
New loan
New conventional
$8,630/mo
+$6,159/mo- Down payment
- $119,426
- Funds due
- $138,350
- Interest + MI left
- $1,623,597
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,574 | $284,574 | $1,070,574 |
| Second mortgage | — | $786,000 | — |
| First P&I | $1,467.52 | $1,467.52 | $7,412.44 |
| Second P&I | — | $5,631.00 | — |
| Mortgage insurance | — | — | $214.11 |
| Taxes, insurance & HOA | $1,003.09 | $1,003.09 | $1,003.09 |
| Total housing payment | $2,470.61 | $8,101.61 | $8,629.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$119,426
Closing costs & prepaids$23,538
Usable credit−$0
Total buyer cash needed$142,963
Earnest money paid−$0
Remaining funds due$142,963
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,422.87
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)$1,091.25
Initial HOA (3 months)$1,268.01
Prepaid interest, first (2 days)$53.80
Prepaid interest, second (2 days)$333.78
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 3.450%
Interest already paid$67,256Through Nov 2026
Assumption only · ends Jul 2050$132,201
Assumption + second · ends Jul 2050, second Dec 2056$1,373,361
New conventional · ends Dec 2056$1,623,597