Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $671,013
- Funds due
- $692,607
- Interest + MI left
- $172,283
- First ends
- Nov 2050
Assumption
Assumption + second
$7,057/mo
+$4,019/mo- Down payment
- $110,013
- Funds due
- $132,976
- Interest + MI left
- $1,058,149
- First ends
- Nov 2050
New loan
New conventional
$7,999/mo
+$4,961/mo- Down payment
- $110,013
- Funds due
- $127,739
- Interest + MI left
- $1,499,865
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,987 | $427,987 | $988,987 |
| Second mortgage | — | $561,000 | — |
| First P&I | $2,084.27 | $2,084.27 | $6,847.55 |
| Second P&I | — | $4,019.07 | — |
| Mortgage insurance | — | — | $197.80 |
| Taxes, insurance & HOA | $953.67 | $953.67 | $953.67 |
| Total housing payment | $3,037.94 | $7,057.01 | $7,999.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,013
Closing costs & prepaids$22,963
Usable credit−$0
Total buyer cash needed$132,976
Earnest money paid−$0
Remaining funds due$132,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,139.94
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)$2,211.00
Prepaid interest, first (1 days)$35.06
Prepaid interest, second (1 days)$119.12
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 closing24 yrOf the original 30-year loan at 2.990%
Interest already paid$83,055Through Nov 2026
Assumption only · ends Nov 2050$172,283
Assumption + second · ends Nov 2050, second Dec 2056$1,058,149
New conventional · ends Dec 2056$1,499,865