Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,070/mo
Lowest payment- Down payment
- $485,347
- Funds due
- $501,433
- Interest + MI left
- $78,001
- First ends
- Sep 2050
Assumption
Assumption + second
$5,058/mo
+$2,987/mo- Down payment
- $68,347
- Funds due
- $85,771
- Interest + MI left
- $736,480
- First ends
- Sep 2050
New loan
New conventional
$5,456/mo
+$3,386/mo- Down payment
- $68,347
- Funds due
- $82,115
- Interest + MI left
- $919,909
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,653 | $189,653 | $606,653 |
| Second mortgage | — | $417,000 | — |
| First P&I | $935.86 | $935.86 | $4,200.34 |
| Second P&I | — | $2,987.44 | — |
| Mortgage insurance | — | — | $121.33 |
| Taxes, insurance & HOA | $1,134.50 | $1,134.50 | $1,134.50 |
| Total housing payment | $2,070.36 | $5,057.80 | $5,456.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,347
Closing costs & prepaids$17,424
Usable credit−$0
Total buyer cash needed$85,771
Earnest money paid−$0
Remaining funds due$85,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$948.27
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,524.50
Initial HOA (3 months)$1,379.01
Prepaid interest, first (1 days)$15.95
Prepaid interest, second (1 days)$88.54
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 10 moOf the original 30-year loan at 3.070%
Interest already paid$38,906Through Nov 2026
Assumption only · ends Sep 2050$78,001
Assumption + second · ends Sep 2050, second Dec 2056$736,480
New conventional · ends Dec 2056$919,909