Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,444/mo
Lowest payment- Down payment
- $560,194
- Funds due
- $584,150
- Interest + MI left
- $309,387
- First ends
- Feb 2050
Assumption
Assumption + second
$7,596/mo
+$3,152/mo- Down payment
- $120,194
- Funds due
- $145,493
- Interest + MI left
- $1,004,184
- First ends
- Feb 2050
New loan
New conventional
$8,734/mo
+$4,290/mo- Down payment
- $120,194
- Funds due
- $139,111
- Interest + MI left
- $1,637,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $639,806 | $639,806 | $1,079,806 |
| Second mortgage | — | $440,000 | — |
| First P&I | $3,402.13 | $3,402.13 | $7,476.36 |
| Second P&I | — | $3,152.21 | — |
| Mortgage insurance | — | — | $215.96 |
| Taxes, insurance & HOA | $1,041.75 | $1,041.75 | $1,041.75 |
| Total housing payment | $4,443.88 | $7,596.09 | $8,734.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,194
Closing costs & prepaids$25,300
Usable credit−$0
Total buyer cash needed$145,493
Earnest money paid−$0
Remaining funds due$145,493
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,199.03
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)$2,196.25
Initial HOA (3 months)$279.00
Prepaid interest, first (1 days)$63.81
Prepaid interest, second (1 days)$93.42
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 3 moOf the original 30-year loan at 3.640%
Interest already paid$170,761Through Nov 2026
Assumption only · ends Feb 2050$309,387
Assumption + second · ends Feb 2050, second Dec 2056$1,004,184
New conventional · ends Dec 2056$1,637,598