Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $583,055
- Funds due
- $600,370
- Interest + MI left
- $113,358
- First ends
- Sep 2050
Assumption
Assumption + second
$5,527/mo
+$3,568/mo- Down payment
- $85,055
- Funds due
- $103,726
- Interest + MI left
- $899,742
- First ends
- Sep 2050
New loan
New conventional
$6,079/mo
+$4,120/mo- Down payment
- $85,055
- Funds due
- $99,524
- Interest + MI left
- $1,160,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,945 | $266,945 | $764,945 |
| Second mortgage | — | $498,000 | — |
| First P&I | $1,329.73 | $1,329.73 | $5,296.32 |
| Second P&I | — | $3,567.73 | — |
| Mortgage insurance | — | — | $152.99 |
| Taxes, insurance & HOA | $629.75 | $629.75 | $629.75 |
| Total housing payment | $1,959.48 | $5,527.21 | $6,079.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,055
Closing costs & prepaids$18,671
Usable credit−$0
Total buyer cash needed$103,726
Earnest money paid−$0
Remaining funds due$103,726
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,334.73
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)$1,184.50
Initial HOA (3 months)$54.75
Prepaid interest, first (1 days)$23.11
Prepaid interest, second (1 days)$105.74
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$56,308Through Nov 2026
Assumption only · ends Sep 2050$113,358
Assumption + second · ends Sep 2050, second Dec 2056$899,742
New conventional · ends Dec 2056$1,160,091