Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,779/mo
Lowest payment- Down payment
- $796,551
- Funds due
- $818,879
- Interest + MI left
- $157,213
- First ends
- Oct 2050
Assumption
Assumption + second
$7,622/mo
+$4,843/mo- Down payment
- $120,551
- Funds due
- $145,420
- Interest + MI left
- $1,224,674
- First ends
- Oct 2050
New loan
New conventional
$8,344/mo
+$5,565/mo- Down payment
- $120,551
- Funds due
- $140,487
- Interest + MI left
- $1,576,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,449 | $402,449 | $1,078,449 |
| Second mortgage | — | $676,000 | — |
| First P&I | $1,956.86 | $1,956.86 | $7,305.79 |
| Second P&I | — | $4,842.95 | — |
| Mortgage insurance | — | — | $215.69 |
| Taxes, insurance & HOA | $822.25 | $822.25 | $822.25 |
| Total housing payment | $2,779.11 | $7,622.06 | $8,343.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,551
Closing costs & prepaids$24,870
Usable credit−$0
Total buyer cash needed$145,420
Earnest money paid−$0
Remaining funds due$145,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,012.25
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)$1,438.75
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$290.76
Prepaid interest, second (9 days)$1,291.81
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 10 moOf the original 30-year loan at 2.93%
Interest already paid$78,927Through Dec 2026
Assumption only · ends Oct 2050$157,213
Assumption + second · ends Oct 2050, second Jan 2057$1,224,674
New conventional · ends Jan 2057$1,576,871