Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
Lowest payment- Down payment
- $481,139
- Funds due
- $497,561
- Interest + MI left
- $108,274
- First ends
- Aug 2050
Assumption
Assumption + second
$4,863/mo
+$2,916/mo- Down payment
- $74,139
- Funds due
- $92,589
- Interest + MI left
- $750,962
- First ends
- Aug 2050
New loan
New conventional
$5,295/mo
+$3,348/mo- Down payment
- $74,139
- Funds due
- $88,714
- Interest + MI left
- $972,137
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,861 | $257,861 | $664,861 |
| Second mortgage | — | $407,000 | — |
| First P&I | $1,289.21 | $1,289.21 | $4,504.00 |
| Second P&I | — | $2,915.80 | — |
| Mortgage insurance | — | — | $132.97 |
| Taxes, insurance & HOA | $658.25 | $658.25 | $658.25 |
| Total housing payment | $1,947.46 | $4,863.26 | $5,295.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,139
Closing costs & prepaids$18,450
Usable credit−$0
Total buyer cash needed$92,589
Earnest money paid−$0
Remaining funds due$92,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,289.31
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)$886.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$200.28
Prepaid interest, second (9 days)$777.76
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 3.15%
Interest already paid$55,841Through Dec 2026
Assumption only · ends Aug 2050$108,274
Assumption + second · ends Aug 2050, second Jan 2057$750,962
New conventional · ends Jan 2057$972,137