Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,538/mo
Lowest payment- Down payment
- $637,698
- Funds due
- $663,545
- Interest + MI left
- $264,784
- First ends
- Oct 2050
Assumption
Assumption + second
$8,170/mo
+$3,632/mo- Down payment
- $130,698
- Funds due
- $157,903
- Interest + MI left
- $1,065,379
- First ends
- Oct 2050
New loan
New conventional
$9,630/mo
+$5,092/mo- Down payment
- $130,698
- Funds due
- $151,326
- Interest + MI left
- $1,770,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $660,302 | $660,302 | $1,167,302 |
| Second mortgage | — | $507,000 | — |
| First P&I | $3,223.29 | $3,223.29 | $8,082.16 |
| Second P&I | — | $3,632.21 | — |
| Mortgage insurance | — | — | $233.46 |
| Taxes, insurance & HOA | $1,314.41 | $1,314.41 | $1,314.41 |
| Total housing payment | $4,537.71 | $8,169.92 | $9,630.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$130,698
Closing costs & prepaids$27,204
Usable credit−$0
Total buyer cash needed$157,903
Earnest money paid−$0
Remaining funds due$157,903
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,301.51
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)$3,245.00
Initial HOA (3 months)$48.24
Prepaid interest, first (1 days)$54.09
Prepaid interest, second (1 days)$107.65
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 11 moOf the original 30-year loan at 2.990%
Interest already paid$130,092Through Nov 2026
Assumption only · ends Oct 2050$264,784
Assumption + second · ends Oct 2050, second Dec 2056$1,065,379
New conventional · ends Dec 2056$1,770,292