Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,551/mo
Lowest payment- Down payment
- $478,122
- Funds due
- $496,398
- Interest + MI left
- $160,069
- First ends
- Sep 2050
Assumption
Assumption + second
$5,367/mo
+$2,816/mo- Down payment
- $85,122
- Funds due
- $105,399
- Interest + MI left
- $780,649
- First ends
- Sep 2050
New loan
New conventional
$6,019/mo
+$3,468/mo- Down payment
- $85,122
- Funds due
- $100,954
- Interest + MI left
- $1,118,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,878 | $371,878 | $764,878 |
| Second mortgage | — | $393,000 | — |
| First P&I | $1,866.48 | $1,866.48 | $5,181.55 |
| Second P&I | — | $2,815.50 | — |
| Mortgage insurance | — | — | $152.98 |
| Taxes, insurance & HOA | $684.67 | $684.67 | $684.67 |
| Total housing payment | $2,551.15 | $5,366.65 | $6,019.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,122
Closing costs & prepaids$20,277
Usable credit−$0
Total buyer cash needed$105,399
Earnest money paid−$0
Remaining funds due$105,399
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,859.39
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)$384.00
Prepaid interest, first (9 days)$294.34
Prepaid interest, second (9 days)$751.01
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 9 moOf the original 30-year loan at 3.21%
Interest already paid$80,820Through Dec 2026
Assumption only · ends Sep 2050$160,069
Assumption + second · ends Sep 2050, second Jan 2057$780,649
New conventional · ends Jan 2057$1,118,378