Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $568,672
- Funds due
- $585,177
- Interest + MI left
- $88,426
- First ends
- Oct 2050
Assumption
Assumption + second
$5,220/mo
+$3,503/mo- Down payment
- $79,672
- Funds due
- $97,531
- Interest + MI left
- $860,598
- First ends
- Oct 2050
New loan
New conventional
$5,697/mo
+$3,981/mo- Down payment
- $79,672
- Funds due
- $93,606
- Interest + MI left
- $1,077,260
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,328 | $221,328 | $710,328 |
| Second mortgage | — | $489,000 | — |
| First P&I | $1,079.28 | $1,079.28 | $4,918.17 |
| Second P&I | — | $3,503.26 | — |
| Mortgage insurance | — | — | $142.07 |
| Taxes, insurance & HOA | $637.25 | $637.25 | $637.25 |
| Total housing payment | $1,716.53 | $5,219.79 | $5,697.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,672
Closing costs & prepaids$17,858
Usable credit−$0
Total buyer cash needed$97,531
Earnest money paid−$0
Remaining funds due$97,531
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,106.64
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)$811.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$18.07
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 11 moOf the original 30-year loan at 2.980%
Interest already paid$43,465Through Nov 2026
Assumption only · ends Oct 2050$88,426
Assumption + second · ends Oct 2050, second Dec 2056$860,598
New conventional · ends Dec 2056$1,077,260