Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,797/mo
Lowest payment- Down payment
- $646,278
- Funds due
- $663,893
- Interest + MI left
- $102,250
- First ends
- Sep 2050
Assumption
Assumption + second
$5,787/mo
+$3,990/mo- Down payment
- $89,278
- Funds due
- $109,207
- Interest + MI left
- $981,800
- First ends
- Sep 2050
New loan
New conventional
$6,160/mo
+$4,364/mo- Down payment
- $89,278
- Funds due
- $105,224
- Interest + MI left
- $1,167,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,722 | $241,722 | $798,722 |
| Second mortgage | — | $557,000 | — |
| First P&I | $1,206.92 | $1,206.92 | $5,410.82 |
| Second P&I | — | $3,990.42 | — |
| Mortgage insurance | — | — | $159.74 |
| Taxes, insurance & HOA | $589.83 | $589.83 | $589.83 |
| Total housing payment | $1,796.75 | $5,787.17 | $6,160.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,278
Closing costs & prepaids$19,929
Usable credit−$0
Total buyer cash needed$109,207
Earnest money paid−$0
Remaining funds due$109,207
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,208.61
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)$1,065.50
Initial HOA (3 months)$54.00
Prepaid interest, first (9 days)$188.34
Prepaid interest, second (9 days)$1,064.40
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 3.16%
Interest already paid$51,746Through Dec 2026
Assumption only · ends Sep 2050$102,250
Assumption + second · ends Sep 2050, second Jan 2057$981,800
New conventional · ends Jan 2057$1,167,864