Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,495/mo
Lowest payment- Down payment
- $580,458
- Funds due
- $599,276
- Interest + MI left
- $114,249
- First ends
- May 2048
Assumption
Assumption + second
$6,005/mo
+$3,510/mo- Down payment
- $90,458
- Funds due
- $111,463
- Interest + MI left
- $888,000
- First ends
- May 2048
New loan
New conventional
$6,448/mo
+$3,953/mo- Down payment
- $90,458
- Funds due
- $107,182
- Interest + MI left
- $1,181,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,042 | $318,042 | $808,042 |
| Second mortgage | — | $490,000 | — |
| First P&I | $1,682.07 | $1,682.07 | $5,473.96 |
| Second P&I | — | $3,510.42 | — |
| Mortgage insurance | — | — | $161.61 |
| Taxes, insurance & HOA | $812.75 | $812.75 | $812.75 |
| Total housing payment | $2,494.82 | $6,005.24 | $6,448.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,458
Closing costs & prepaids$21,005
Usable credit−$0
Total buyer cash needed$111,463
Earnest money paid−$0
Remaining funds due$111,463
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,590.21
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)$1,078.25
Initial HOA (3 months)$710.01
Prepaid interest, first (9 days)$236.83
Prepaid interest, second (9 days)$936.37
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 closing21 yr 5 moOf the original 27-year loan at 3.02%
Interest already paid$58,402Through Dec 2026
Assumption only · ends May 2048$114,249
Assumption + second · ends May 2048, second Jan 2057$888,000
New conventional · ends Jan 2057$1,181,491