Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,891/mo
Lowest payment- Down payment
- $796,748
- Funds due
- $819,175
- Interest + MI left
- $187,865
- First ends
- Jun 2050
Assumption
Assumption + second
$7,720/mo
+$4,829/mo- Down payment
- $122,748
- Funds due
- $147,713
- Interest + MI left
- $1,252,168
- First ends
- Jun 2050
New loan
New conventional
$8,394/mo
+$5,503/mo- Down payment
- $122,748
- Funds due
- $142,617
- Interest + MI left
- $1,611,675
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,252 | $428,252 | $1,102,252 |
| Second mortgage | — | $674,000 | — |
| First P&I | $2,184.81 | $2,184.81 | $7,467.04 |
| Second P&I | — | $4,828.62 | — |
| Mortgage insurance | — | — | $220.45 |
| Taxes, insurance & HOA | $706.67 | $706.67 | $706.67 |
| Total housing payment | $2,891.48 | $7,720.10 | $8,394.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$122,748
Closing costs & prepaids$24,966
Usable credit−$0
Total buyer cash needed$147,713
Earnest money paid−$0
Remaining funds due$147,713
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$12,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,141.26
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)$1,470.00
Prepaid interest, first (9 days)$348.47
Prepaid interest, second (9 days)$1,287.99
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 3.3%
Interest already paid$99,801Through Dec 2026
Assumption only · ends Jun 2050$187,865
Assumption + second · ends Jun 2050, second Jan 2057$1,252,168
New conventional · ends Jan 2057$1,611,675