Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $580,017
- Funds due
- $599,760
- Interest + MI left
- $147,441
- First ends
- Jun 2050
Assumption
Assumption + second
$6,269/mo
+$3,510/mo- Down payment
- $90,017
- Funds due
- $111,946
- Interest + MI left
- $921,192
- First ends
- Jun 2050
New loan
New conventional
$6,750/mo
+$3,991/mo- Down payment
- $90,017
- Funds due
- $107,629
- Interest + MI left
- $1,184,183
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,883 | $319,883 | $809,883 |
| Second mortgage | — | $490,000 | — |
| First P&I | $1,657.18 | $1,657.18 | $5,486.43 |
| Second P&I | — | $3,510.42 | — |
| Mortgage insurance | — | — | $161.98 |
| Taxes, insurance & HOA | $1,101.34 | $1,101.34 | $1,101.34 |
| Total housing payment | $2,758.51 | $6,268.93 | $6,749.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,017
Closing costs & prepaids$21,929
Usable credit−$0
Total buyer cash needed$111,946
Earnest money paid−$0
Remaining funds due$111,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,599.41
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)$1,080.00
Initial HOA (3 months)$1,574.01
Prepaid interest, first (9 days)$272.12
Prepaid interest, second (9 days)$936.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.45%
Interest already paid$77,794Through Dec 2026
Assumption only · ends Jun 2050$147,441
Assumption + second · ends Jun 2050, second Jan 2057$921,192
New conventional · ends Jan 2057$1,184,183