Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,803/mo
Lowest payment- Down payment
- $408,629
- Funds due
- $427,033
- Interest + MI left
- $190,718
- First ends
- Oct 2050
Assumption
Assumption + second
$5,117/mo
+$2,314/mo- Down payment
- $85,629
- Funds due
- $105,900
- Interest + MI left
- $700,763
- First ends
- Oct 2050
New loan
New conventional
$5,924/mo
+$3,121/mo- Down payment
- $85,629
- Funds due
- $101,181
- Interest + MI left
- $1,117,637
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,371 | $441,371 | $764,371 |
| Second mortgage | — | $323,000 | — |
| First P&I | $2,210.10 | $2,210.10 | $5,178.12 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | — | — | $152.87 |
| Taxes, insurance & HOA | $593.34 | $593.34 | $593.34 |
| Total housing payment | $2,803.44 | $5,117.45 | $5,924.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,629
Closing costs & prepaids$20,271
Usable credit−$0
Total buyer cash needed$105,900
Earnest money paid−$0
Remaining funds due$105,900
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,206.86
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)$1,020.00
Initial HOA (3 months)$110.01
Prepaid interest, first (9 days)$349.35
Prepaid interest, second (9 days)$617.24
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 3.21%
Interest already paid$94,519Through Dec 2026
Assumption only · ends Oct 2050$190,718
Assumption + second · ends Oct 2050, second Jan 2057$700,763
New conventional · ends Jan 2057$1,117,637