Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,511/mo
Lowest payment- Down payment
- $649,458
- Funds due
- $669,562
- Interest + MI left
- $101,327
- First ends
- Mar 2041
Assumption
Assumption + second
$7,458/mo
+$3,947/mo- Down payment
- $98,458
- Funds due
- $120,046
- Interest + MI left
- $971,402
- First ends
- Mar 2041
New loan
New conventional
$7,273/mo
+$3,763/mo- Down payment
- $98,458
- Funds due
- $115,441
- Interest + MI left
- $1,329,160
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,542 | $325,542 | $876,542 |
| Second mortgage | — | $551,000 | — |
| First P&I | $2,481.80 | $2,481.80 | $6,069.00 |
| Second P&I | — | $3,947.43 | — |
| Mortgage insurance | — | — | $175.31 |
| Taxes, insurance & HOA | $1,029.17 | $1,029.17 | $1,029.17 |
| Total housing payment | $3,510.96 | $7,458.39 | $7,273.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,458
Closing costs & prepaids$21,588
Usable credit−$0
Total buyer cash needed$120,046
Earnest money paid−$0
Remaining funds due$120,046
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,627.71
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)$2,437.50
Prepaid interest, first (2 days)$70.46
Prepaid interest, second (2 days)$233.99
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 closing14 yr 4 moOf the original 25-year loan at 3.950%
Interest already paid$170,561Through Nov 2026
Assumption only · ends Mar 2041$101,327
Assumption + second · ends Mar 2041, second Dec 2056$971,402
New conventional · ends Dec 2056$1,329,160