Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,321/mo
Lowest payment- Down payment
- $607,955
- Funds due
- $626,796
- Interest + MI left
- $147,670
- First ends
- Aug 2050
Assumption
Assumption + second
$5,989/mo
+$3,668/mo- Down payment
- $95,955
- Funds due
- $117,024
- Interest + MI left
- $956,161
- First ends
- Aug 2050
New loan
New conventional
$6,553/mo
+$4,232/mo- Down payment
- $95,955
- Funds due
- $112,572
- Interest + MI left
- $1,248,754
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,044 | $342,044 | $854,044 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,724.34 | $1,724.34 | $5,785.59 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $170.81 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $2,321.01 | $5,989.04 | $6,553.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,955
Closing costs & prepaids$21,069
Usable credit−$0
Total buyer cash needed$117,024
Earnest money paid−$0
Remaining funds due$117,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,710.22
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)$1,140.00
Prepaid interest, first (9 days)$272.42
Prepaid interest, second (9 days)$978.41
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 8 moOf the original 30-year loan at 3.23%
Interest already paid$75,880Through Dec 2026
Assumption only · ends Aug 2050$147,670
Assumption + second · ends Aug 2050, second Jan 2057$956,161
New conventional · ends Jan 2057$1,248,754