Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $645,709
- Funds due
- $662,842
- Interest + MI left
- $102,888
- First ends
- Sep 2050
Assumption
Assumption + second
$5,667/mo
+$3,983/mo- Down payment
- $89,709
- Funds due
- $108,328
- Interest + MI left
- $980,859
- First ends
- Sep 2050
New loan
New conventional
$6,164/mo
+$4,480/mo- Down payment
- $89,709
- Funds due
- $104,222
- Interest + MI left
- $1,210,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,291 | $242,291 | $798,291 |
| Second mortgage | — | $556,000 | — |
| First P&I | $1,206.92 | $1,206.92 | $5,527.21 |
| Second P&I | — | $3,983.25 | — |
| Mortgage insurance | — | — | $159.66 |
| Taxes, insurance & HOA | $477.08 | $477.08 | $477.08 |
| Total housing payment | $1,684.00 | $5,667.26 | $6,163.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,709
Closing costs & prepaids$18,619
Usable credit−$0
Total buyer cash needed$108,328
Earnest money paid−$0
Remaining funds due$108,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,880.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,211.45
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)$727.25
Initial HOA (3 months)$54.00
Prepaid interest, first (2 days)$41.95
Prepaid interest, second (2 days)$236.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$51,108Through Nov 2026
Assumption only · ends Sep 2050$102,888
Assumption + second · ends Sep 2050, second Dec 2056$980,859
New conventional · ends Dec 2056$1,210,502