Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,486/mo
Lowest payment- Down payment
- $742,710
- Funds due
- $763,338
- Interest + MI left
- $146,834
- First ends
- Jul 2050
Assumption
Assumption + second
$7,035/mo
+$4,549/mo- Down payment
- $107,710
- Funds due
- $130,802
- Interest + MI left
- $1,149,553
- First ends
- Jul 2050
New loan
New conventional
$7,539/mo
+$5,053/mo- Down payment
- $107,710
- Funds due
- $126,248
- Interest + MI left
- $1,414,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,290 | $332,290 | $967,290 |
| Second mortgage | — | $635,000 | — |
| First P&I | $1,693.02 | $1,693.02 | $6,552.76 |
| Second P&I | — | $4,549.22 | — |
| Mortgage insurance | — | — | $193.46 |
| Taxes, insurance & HOA | $792.67 | $792.67 | $792.67 |
| Total housing payment | $2,485.69 | $7,034.90 | $7,538.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$107,710
Closing costs & prepaids$23,092
Usable credit−$0
Total buyer cash needed$130,802
Earnest money paid−$0
Remaining funds due$130,802
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%)$1,661.45
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)$438.00
Prepaid interest, first (9 days)$271.20
Prepaid interest, second (9 days)$1,213.46
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 7 moOf the original 30-year loan at 3.31%
Interest already paid$76,565Through Dec 2026
Assumption only · ends Jul 2050$146,834
Assumption + second · ends Jul 2050, second Jan 2057$1,149,553
New conventional · ends Jan 2057$1,414,338