Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,198/mo
Lowest payment- Down payment
- $564,109
- Funds due
- $578,486
- Interest + MI left
- $51,903
- First ends
- Dec 2050
Assumption
Assumption + second
$4,737/mo
+$3,539/mo- Down payment
- $70,109
- Funds due
- $86,680
- Interest + MI left
- $831,971
- First ends
- Dec 2050
New loan
New conventional
$4,936/mo
+$3,738/mo- Down payment
- $70,109
- Funds due
- $83,335
- Interest + MI left
- $919,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,891 | $134,891 | $628,891 |
| Second mortgage | — | $494,000 | — |
| First P&I | $648.59 | $648.59 | $4,260.33 |
| Second P&I | — | $3,539.08 | — |
| Mortgage insurance | — | — | $125.78 |
| Taxes, insurance & HOA | $549.58 | $549.58 | $549.58 |
| Total housing payment | $1,198.17 | $4,737.25 | $4,935.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,109
Closing costs & prepaids$16,571
Usable credit−$0
Total buyer cash needed$86,680
Earnest money paid−$0
Remaining funds due$86,680
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$674.45
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$838.75
Initial HOA (3 months)$309.99
Prepaid interest, first (9 days)$95.46
Prepaid interest, second (9 days)$944.01
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 closing24 yrOf the original 30-year loan at 2.87%
Interest already paid$25,161Through Dec 2026
Assumption only · ends Dec 2050$51,903
Assumption + second · ends Dec 2050, second Jan 2057$831,971
New conventional · ends Jan 2057$919,543