Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,199/mo
Lowest payment- Down payment
- $790,193
- Funds due
- $810,500
- Interest + MI left
- $119,210
- First ends
- Sep 2050
Assumption
Assumption + second
$7,085/mo
+$4,886/mo- Down payment
- $108,193
- Funds due
- $131,054
- Interest + MI left
- $1,196,145
- First ends
- Sep 2050
New loan
New conventional
$7,525/mo
+$5,325/mo- Down payment
- $108,193
- Funds due
- $126,693
- Interest + MI left
- $1,413,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,807 | $284,807 | $966,807 |
| Second mortgage | — | $682,000 | — |
| First P&I | $1,417.60 | $1,417.60 | $6,549.49 |
| Second P&I | — | $4,885.93 | — |
| Mortgage insurance | — | — | $193.36 |
| Taxes, insurance & HOA | $781.67 | $781.67 | $781.67 |
| Total housing payment | $2,199.27 | $7,085.20 | $7,524.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,193
Closing costs & prepaids$22,860
Usable credit−$0
Total buyer cash needed$131,054
Earnest money paid−$0
Remaining funds due$131,054
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,424.03
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)$1,290.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$219.81
Prepaid interest, second (9 days)$1,303.27
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 3.13%
Interest already paid$60,412Through Dec 2026
Assumption only · ends Sep 2050$119,210
Assumption + second · ends Sep 2050, second Jan 2057$1,196,145
New conventional · ends Jan 2057$1,413,632