Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,905/mo
Lowest payment- Down payment
- $583,682
- Funds due
- $601,014
- Interest + MI left
- $112,655
- First ends
- Sep 2050
Assumption
Assumption + second
$5,472/mo
+$3,568/mo- Down payment
- $85,682
- Funds due
- $105,215
- Interest + MI left
- $899,039
- First ends
- Sep 2050
New loan
New conventional
$5,906/mo
+$4,001/mo- Down payment
- $85,682
- Funds due
- $101,178
- Interest + MI left
- $1,117,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,318 | $266,318 | $764,318 |
| Second mortgage | — | $498,000 | — |
| First P&I | $1,329.73 | $1,329.73 | $5,177.76 |
| Second P&I | — | $3,567.73 | — |
| Mortgage insurance | — | — | $152.86 |
| Taxes, insurance & HOA | $574.92 | $574.92 | $574.92 |
| Total housing payment | $1,904.65 | $5,472.38 | $5,905.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,682
Closing costs & prepaids$19,534
Usable credit−$0
Total buyer cash needed$105,215
Earnest money paid−$0
Remaining funds due$105,215
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,331.59
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)$1,020.00
Initial HOA (3 months)$54.75
Prepaid interest, first (9 days)$207.51
Prepaid interest, second (9 days)$951.66
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 9 moOf the original 30-year loan at 3.16%
Interest already paid$57,011Through Dec 2026
Assumption only · ends Sep 2050$112,655
Assumption + second · ends Sep 2050, second Jan 2057$899,039
New conventional · ends Jan 2057$1,117,559