Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $559,967
- Funds due
- $576,712
- Interest + MI left
- $102,562
- First ends
- Sep 2050
Assumption
Assumption + second
$5,222/mo
+$3,432/mo- Down payment
- $80,967
- Funds due
- $99,878
- Interest + MI left
- $858,943
- First ends
- Sep 2050
New loan
New conventional
$5,621/mo
+$3,830/mo- Down payment
- $80,967
- Funds due
- $95,977
- Interest + MI left
- $1,058,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,033 | $245,033 | $724,033 |
| Second mortgage | — | $479,000 | — |
| First P&I | $1,219.63 | $1,219.63 | $4,904.85 |
| Second P&I | — | $3,431.61 | — |
| Mortgage insurance | — | — | $144.81 |
| Taxes, insurance & HOA | $570.92 | $570.92 | $570.92 |
| Total housing payment | $1,790.55 | $5,222.16 | $5,620.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,967
Closing costs & prepaids$18,910
Usable credit−$0
Total buyer cash needed$99,878
Earnest money paid−$0
Remaining funds due$99,878
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,225.16
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)$966.00
Initial HOA (3 months)$96.75
Prepaid interest, first (9 days)$189.11
Prepaid interest, second (9 days)$915.35
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 3.13%
Interest already paid$51,975Through Dec 2026
Assumption only · ends Sep 2050$102,562
Assumption + second · ends Sep 2050, second Jan 2057$858,943
New conventional · ends Jan 2057$1,058,656