Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,033/mo
Lowest payment- Down payment
- $629,857
- Funds due
- $647,887
- Interest + MI left
- $123,076
- First ends
- Apr 2050
Assumption
Assumption + second
$5,894/mo
+$3,861/mo- Down payment
- $90,857
- Funds due
- $111,167
- Interest + MI left
- $974,203
- First ends
- Apr 2050
New loan
New conventional
$6,269/mo
+$4,235/mo- Down payment
- $90,857
- Funds due
- $107,041
- Interest + MI left
- $1,181,639
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,143 | $269,143 | $808,143 |
| Second mortgage | — | $539,000 | — |
| First P&I | $1,400.78 | $1,400.78 | $5,474.64 |
| Second P&I | — | $3,861.46 | — |
| Mortgage insurance | — | — | $161.63 |
| Taxes, insurance & HOA | $632.25 | $632.25 | $632.25 |
| Total housing payment | $2,033.03 | $5,894.49 | $6,268.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,857
Closing costs & prepaids$20,309
Usable credit−$0
Total buyer cash needed$111,167
Earnest money paid−$0
Remaining funds due$111,167
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,345.71
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)$1,078.75
Initial HOA (3 months)$168.00
Prepaid interest, first (9 days)$228.96
Prepaid interest, second (9 days)$1,030.01
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 closing23 yr 4 moOf the original 30-year loan at 3.45%
Interest already paid$67,310Through Dec 2026
Assumption only · ends Apr 2050$123,076
Assumption + second · ends Apr 2050, second Jan 2057$974,203
New conventional · ends Jan 2057$1,181,639