Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $638,771
- Funds due
- $656,288
- Interest + MI left
- $98,832
- First ends
- Sep 2050
Assumption
Assumption + second
$5,720/mo
+$3,940/mo- Down payment
- $88,771
- Funds due
- $108,589
- Interest + MI left
- $967,328
- First ends
- Sep 2050
New loan
New conventional
$6,105/mo
+$4,325/mo- Down payment
- $88,771
- Funds due
- $104,619
- Interest + MI left
- $1,156,908
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,229 | $241,229 | $791,229 |
| Second mortgage | — | $550,000 | — |
| First P&I | $1,193.19 | $1,193.19 | $5,360.06 |
| Second P&I | — | $3,940.27 | — |
| Mortgage insurance | — | — | $158.25 |
| Taxes, insurance & HOA | $586.67 | $586.67 | $586.67 |
| Total housing payment | $1,779.86 | $5,720.13 | $6,104.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,771
Closing costs & prepaids$19,818
Usable credit−$0
Total buyer cash needed$108,589
Earnest money paid−$0
Remaining funds due$108,589
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,206.14
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)$1,056.00
Initial HOA (3 months)$54.00
Prepaid interest, first (9 days)$182.61
Prepaid interest, second (9 days)$1,051.03
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 3.07%
Interest already paid$50,223Through Dec 2026
Assumption only · ends Sep 2050$98,832
Assumption + second · ends Sep 2050, second Jan 2057$967,328
New conventional · ends Jan 2057$1,156,908