Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,205/mo
Lowest payment- Down payment
- $734,760
- Funds due
- $754,271
- Interest + MI left
- $116,935
- First ends
- Aug 2050
Assumption
Assumption + second
$6,747/mo
+$4,542/mo- Down payment
- $100,760
- Funds due
- $121,656
- Interest + MI left
- $1,118,074
- First ends
- Aug 2050
New loan
New conventional
$7,270/mo
+$5,065/mo- Down payment
- $100,760
- Funds due
- $117,303
- Interest + MI left
- $1,363,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $265,240 | $265,240 | $899,240 |
| Second mortgage | — | $634,000 | — |
| First P&I | $1,340.96 | $1,340.96 | $6,226.16 |
| Second P&I | — | $4,542.05 | — |
| Mortgage insurance | — | — | $179.85 |
| Taxes, insurance & HOA | $864.33 | $864.33 | $864.33 |
| Total housing payment | $2,205.29 | $6,747.35 | $7,270.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,760
Closing costs & prepaids$20,896
Usable credit−$0
Total buyer cash needed$121,656
Earnest money paid−$0
Remaining funds due$121,656
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,326.20
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)$1,246.00
Initial HOA (3 months)$696.99
Prepaid interest, first (1 days)$23.84
Prepaid interest, second (1 days)$134.62
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 9 moOf the original 30-year loan at 3.280%
Interest already paid$58,853Through Nov 2026
Assumption only · ends Aug 2050$116,935
Assumption + second · ends Aug 2050, second Dec 2056$1,118,074
New conventional · ends Dec 2056$1,363,758