Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,758/mo
Lowest payment- Down payment
- $559,202
- Funds due
- $575,872
- Interest + MI left
- $87,876
- First ends
- Oct 2050
Assumption
Assumption + second
$5,204/mo
+$3,446/mo- Down payment
- $78,202
- Funds due
- $97,041
- Interest + MI left
- $847,416
- First ends
- Oct 2050
New loan
New conventional
$5,573/mo
+$3,815/mo- Down payment
- $78,202
- Funds due
- $93,273
- Interest + MI left
- $1,026,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,798 | $220,798 | $701,798 |
| Second mortgage | — | $481,000 | — |
| First P&I | $1,079.28 | $1,079.28 | $4,754.22 |
| Second P&I | — | $3,445.94 | — |
| Mortgage insurance | — | — | $140.36 |
| Taxes, insurance & HOA | $678.67 | $678.67 | $678.67 |
| Total housing payment | $1,757.95 | $5,203.89 | $5,573.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,202
Closing costs & prepaids$18,839
Usable credit−$0
Total buyer cash needed$97,041
Earnest money paid−$0
Remaining funds due$97,041
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,103.99
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)$936.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$162.24
Prepaid interest, second (9 days)$919.17
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$44,015Through Dec 2026
Assumption only · ends Oct 2050$87,876
Assumption + second · ends Oct 2050, second Jan 2057$847,416
New conventional · ends Jan 2057$1,026,145