Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $586,878
- Funds due
- $604,323
- Interest + MI left
- $150,645
- First ends
- Dec 2049
Assumption
Assumption + second
$5,656/mo
+$3,553/mo- Down payment
- $90,878
- Funds due
- $109,678
- Interest + MI left
- $933,871
- First ends
- Dec 2049
New loan
New conventional
$6,189/mo
+$4,086/mo- Down payment
- $90,878
- Funds due
- $105,193
- Interest + MI left
- $1,225,410
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,122 | $312,122 | $808,122 |
| Second mortgage | — | $496,000 | — |
| First P&I | $1,670.64 | $1,670.64 | $5,595.27 |
| Second P&I | — | $3,553.40 | — |
| Mortgage insurance | — | — | $161.62 |
| Taxes, insurance & HOA | $431.75 | $431.75 | $431.75 |
| Total housing payment | $2,102.39 | $5,655.80 | $6,188.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,878
Closing costs & prepaids$18,800
Usable credit−$0
Total buyer cash needed$109,678
Earnest money paid−$0
Remaining funds due$109,678
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,560.61
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)$645.25
Prepaid interest, first (1 days)$31.30
Prepaid interest, second (1 days)$105.32
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 1 moOf the original 30-year loan at 3.660%
Interest already paid$86,036Through Nov 2026
Assumption only · ends Dec 2049$150,645
Assumption + second · ends Dec 2049, second Dec 2056$933,871
New conventional · ends Dec 2056$1,225,410