Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,698/mo
Lowest payment- Down payment
- $612,835
- Funds due
- $632,879
- Interest + MI left
- $162,832
- First ends
- Aug 2050
Assumption
Assumption + second
$6,373/mo
+$3,675/mo- Down payment
- $99,835
- Funds due
- $122,110
- Interest + MI left
- $972,902
- First ends
- Aug 2050
New loan
New conventional
$7,005/mo
+$4,307/mo- Down payment
- $99,835
- Funds due
- $117,478
- Interest + MI left
- $1,301,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,165 | $377,165 | $890,165 |
| Second mortgage | — | $513,000 | — |
| First P&I | $1,901.40 | $1,901.40 | $6,030.29 |
| Second P&I | — | $3,675.19 | — |
| Mortgage insurance | — | — | $178.03 |
| Taxes, insurance & HOA | $796.67 | $796.67 | $796.67 |
| Total housing payment | $2,698.07 | $6,373.26 | $7,004.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,835
Closing costs & prepaids$22,275
Usable credit−$0
Total buyer cash needed$122,110
Earnest money paid−$0
Remaining funds due$122,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,885.83
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)$1,188.00
Initial HOA (3 months)$552.00
Prepaid interest, first (9 days)$300.39
Prepaid interest, second (9 days)$980.32
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 3.23%
Interest already paid$83,671Through Dec 2026
Assumption only · ends Aug 2050$162,832
Assumption + second · ends Aug 2050, second Jan 2057$972,902
New conventional · ends Jan 2057$1,301,568