Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $611,951
- Funds due
- $631,337
- Interest + MI left
- $163,850
- First ends
- Aug 2050
Assumption
Assumption + second
$6,234/mo
+$3,668/mo- Down payment
- $99,951
- Funds due
- $120,696
- Interest + MI left
- $972,341
- First ends
- Aug 2050
New loan
New conventional
$7,005/mo
+$4,439/mo- Down payment
- $99,951
- Funds due
- $115,801
- Interest + MI left
- $1,349,819
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,049 | $378,049 | $890,049 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,901.40 | $1,901.40 | $6,162.52 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $178.01 |
| Taxes, insurance & HOA | $664.83 | $664.83 | $664.83 |
| Total housing payment | $2,566.23 | $6,234.26 | $7,005.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,951
Closing costs & prepaids$20,745
Usable credit−$0
Total buyer cash needed$120,696
Earnest money paid−$0
Remaining funds due$120,696
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,890.24
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)$792.50
Initial HOA (3 months)$552.00
Prepaid interest, first (1 days)$33.45
Prepaid interest, second (1 days)$108.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.230%
Interest already paid$82,654Through Nov 2026
Assumption only · ends Aug 2050$163,850
Assumption + second · ends Aug 2050, second Dec 2056$972,341
New conventional · ends Dec 2056$1,349,819