Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,699/mo
Lowest payment- Down payment
- $682,542
- Funds due
- $706,035
- Interest + MI left
- $182,087
- First ends
- Jul 2050
Assumption
Assumption + second
$7,797/mo
+$4,098/mo- Down payment
- $110,542
- Funds due
- $135,527
- Interest + MI left
- $1,085,323
- First ends
- Jul 2050
New loan
New conventional
$8,636/mo
+$4,938/mo- Down payment
- $110,542
- Funds due
- $130,376
- Interest + MI left
- $1,500,580
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,458 | $417,458 | $989,458 |
| Second mortgage | — | $572,000 | — |
| First P&I | $2,111.07 | $2,111.07 | $6,850.81 |
| Second P&I | — | $4,097.88 | — |
| Mortgage insurance | — | — | $197.89 |
| Taxes, insurance & HOA | $1,587.66 | $1,587.66 | $1,587.66 |
| Total housing payment | $3,698.74 | $7,796.61 | $8,636.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$110,542
Closing costs & prepaids$24,986
Usable credit−$0
Total buyer cash needed$135,527
Earnest money paid−$0
Remaining funds due$135,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,087.29
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)$3,863.00
Initial HOA (3 months)$249.99
Prepaid interest, first (2 days)$74.57
Prepaid interest, second (2 days)$242.90
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 3.260%
Interest already paid$93,437Through Nov 2026
Assumption only · ends Jul 2050$182,087
Assumption + second · ends Jul 2050, second Dec 2056$1,085,323
New conventional · ends Dec 2056$1,500,580