Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,834/mo
Lowest payment- Down payment
- $579,282
- Funds due
- $599,012
- Interest + MI left
- $148,363
- First ends
- Jun 2050
Assumption
Assumption + second
$6,337/mo
+$3,503/mo- Down payment
- $90,282
- Funds due
- $111,366
- Interest + MI left
- $920,535
- First ends
- Jun 2050
New loan
New conventional
$6,944/mo
+$4,110/mo- Down payment
- $90,282
- Funds due
- $106,848
- Interest + MI left
- $1,227,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,618 | $320,618 | $809,618 |
| Second mortgage | — | $489,000 | — |
| First P&I | $1,657.18 | $1,657.18 | $5,605.63 |
| Second P&I | — | $3,503.26 | — |
| Mortgage insurance | — | — | $161.92 |
| Taxes, insurance & HOA | $1,176.75 | $1,176.75 | $1,176.75 |
| Total housing payment | $2,833.93 | $6,337.18 | $6,944.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,282
Closing costs & prepaids$21,084
Usable credit−$0
Total buyer cash needed$111,366
Earnest money paid−$0
Remaining funds due$111,366
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,603.09
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)$1,306.25
Initial HOA (3 months)$1,574.01
Prepaid interest, first (1 days)$30.31
Prepaid interest, second (1 days)$103.83
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 7 moOf the original 30-year loan at 3.450%
Interest already paid$76,872Through Nov 2026
Assumption only · ends Jun 2050$148,363
Assumption + second · ends Jun 2050, second Dec 2056$920,535
New conventional · ends Dec 2056$1,227,840