Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,890/mo
Lowest payment- Down payment
- $617,777
- Funds due
- $638,177
- Interest + MI left
- $160,800
- First ends
- Aug 2050
Assumption
Assumption + second
$6,608/mo
+$3,718/mo- Down payment
- $98,777
- Funds due
- $120,537
- Interest + MI left
- $980,344
- First ends
- Aug 2050
New loan
New conventional
$7,351/mo
+$4,461/mo- Down payment
- $98,777
- Funds due
- $115,706
- Interest + MI left
- $1,344,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,223 | $367,223 | $886,223 |
| Second mortgage | — | $519,000 | — |
| First P&I | $1,852.71 | $1,852.71 | $6,136.03 |
| Second P&I | — | $3,718.18 | — |
| Mortgage insurance | — | — | $177.24 |
| Taxes, insurance & HOA | $1,037.50 | $1,037.50 | $1,037.50 |
| Total housing payment | $2,890.21 | $6,608.39 | $7,350.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,777
Closing costs & prepaids$21,760
Usable credit−$0
Total buyer cash needed$120,537
Earnest money paid−$0
Remaining funds due$120,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,836.11
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)$2,462.50
Prepaid interest, first (1 days)$32.80
Prepaid interest, second (1 days)$110.20
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 9 moOf the original 30-year loan at 3.260%
Interest already paid$81,004Through Nov 2026
Assumption only · ends Aug 2050$160,800
Assumption + second · ends Aug 2050, second Dec 2056$980,344
New conventional · ends Dec 2056$1,344,017