Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,405/mo
Lowest payment- Down payment
- $713,572
- Funds due
- $739,701
- Interest + MI left
- $258,898
- First ends
- Nov 2050
Assumption
Assumption + second
$8,567/mo
+$4,162/mo- Down payment
- $132,572
- Funds due
- $160,198
- Interest + MI left
- $1,176,346
- First ends
- Nov 2050
New loan
New conventional
$9,877/mo
+$5,473/mo- Down payment
- $132,572
- Funds due
- $153,903
- Interest + MI left
- $1,808,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,428 | $611,428 | $1,192,428 |
| Second mortgage | — | $581,000 | — |
| First P&I | $3,021.97 | $3,021.97 | $8,256.13 |
| Second P&I | — | $4,162.36 | — |
| Mortgage insurance | — | — | $238.49 |
| Taxes, insurance & HOA | $1,382.83 | $1,382.83 | $1,382.83 |
| Total housing payment | $4,404.80 | $8,567.15 | $9,877.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$132,572
Closing costs & prepaids$27,625
Usable credit−$0
Total buyer cash needed$160,198
Earnest money paid−$0
Remaining funds due$160,198
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$13,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,057.14
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)$3,312.50
Initial HOA (3 months)$186.00
Prepaid interest, first (2 days)$104.86
Prepaid interest, second (2 days)$246.73
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 closing24 yrOf the original 30-year loan at 3.130%
Interest already paid$124,009Through Nov 2026
Assumption only · ends Nov 2050$258,898
Assumption + second · ends Nov 2050, second Dec 2056$1,176,346
New conventional · ends Dec 2056$1,808,397