Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $648,187
- Funds due
- $666,873
- Interest + MI left
- $135,367
- First ends
- Nov 2046
Assumption
Assumption + second
$6,433/mo
+$3,940/mo- Down payment
- $98,187
- Funds due
- $118,240
- Interest + MI left
- $1,003,863
- First ends
- Nov 2046
New loan
New conventional
$6,813/mo
+$4,320/mo- Down payment
- $98,187
- Funds due
- $113,608
- Interest + MI left
- $1,329,746
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,813 | $326,813 | $876,813 |
| Second mortgage | — | $550,000 | — |
| First P&I | $1,925.75 | $1,925.75 | $6,070.88 |
| Second P&I | — | $3,940.27 | — |
| Mortgage insurance | — | — | $175.36 |
| Taxes, insurance & HOA | $566.83 | $566.83 | $566.83 |
| Total housing payment | $2,492.58 | $6,432.85 | $6,813.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$98,187
Closing costs & prepaids$20,052
Usable credit−$0
Total buyer cash needed$118,240
Earnest money paid−$0
Remaining funds due$118,240
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,634.06
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)$920.50
Initial HOA (3 months)$129.99
Prepaid interest, first (1 days)$32.95
Prepaid interest, second (1 days)$116.78
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 closing20 yrOf the original 30-year loan at 3.680%
Interest already paid$138,489Through Nov 2026
Assumption only · ends Nov 2046$135,367
Assumption + second · ends Nov 2046, second Dec 2056$1,003,863
New conventional · ends Dec 2056$1,329,746