Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,639/mo
Lowest payment- Down payment
- $672,776
- Funds due
- $693,150
- Interest + MI left
- $133,548
- First ends
- Jul 2050
Assumption
Assumption + second
$6,759/mo
+$4,119/mo- Down payment
- $97,776
- Funds due
- $120,499
- Interest + MI left
- $1,041,522
- First ends
- Jul 2050
New loan
New conventional
$7,217/mo
+$4,578/mo- Down payment
- $97,776
- Funds due
- $116,174
- Interest + MI left
- $1,282,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,224 | $302,224 | $877,224 |
| Second mortgage | — | $575,000 | — |
| First P&I | $1,539.83 | $1,539.83 | $5,942.62 |
| Second P&I | — | $4,119.37 | — |
| Mortgage insurance | — | — | $175.44 |
| Taxes, insurance & HOA | $1,099.34 | $1,099.34 | $1,099.34 |
| Total housing payment | $2,639.17 | $6,758.54 | $7,217.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,776
Closing costs & prepaids$22,723
Usable credit−$0
Total buyer cash needed$120,499
Earnest money paid−$0
Remaining funds due$120,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,511.12
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)$1,170.00
Initial HOA (3 months)$1,478.01
Prepaid interest, first (9 days)$246.66
Prepaid interest, second (9 days)$1,098.80
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$69,637Through Dec 2026
Assumption only · ends Jul 2050$133,548
Assumption + second · ends Jul 2050, second Jan 2057$1,041,522
New conventional · ends Jan 2057$1,282,647