Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,780/mo
Lowest payment- Down payment
- $528,627
- Funds due
- $547,834
- Interest + MI left
- $157,730
- First ends
- Jun 2050
Assumption
Assumption + second
$5,954/mo
+$3,174/mo- Down payment
- $85,627
- Funds due
- $106,931
- Interest + MI left
- $857,265
- First ends
- Jun 2050
New loan
New conventional
$6,412/mo
+$3,632/mo- Down payment
- $85,627
- Funds due
- $102,642
- Interest + MI left
- $1,117,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,323 | $321,323 | $764,323 |
| Second mortgage | — | $443,000 | — |
| First P&I | $1,698.77 | $1,698.77 | $5,177.79 |
| Second P&I | — | $3,173.71 | — |
| Mortgage insurance | — | — | $152.86 |
| Taxes, insurance & HOA | $1,081.34 | $1,081.34 | $1,081.34 |
| Total housing payment | $2,780.11 | $5,953.81 | $6,411.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,627
Closing costs & prepaids$21,304
Usable credit−$0
Total buyer cash needed$106,931
Earnest money paid−$0
Remaining funds due$106,931
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.62
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)$1,020.00
Initial HOA (3 months)$1,574.01
Prepaid interest, first (9 days)$289.19
Prepaid interest, second (9 days)$846.55
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 3.65%
Interest already paid$82,478Through Dec 2026
Assumption only · ends Jun 2050$157,730
Assumption + second · ends Jun 2050, second Jan 2057$857,265
New conventional · ends Jan 2057$1,117,567