Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,876/mo
Lowest payment- Down payment
- $527,908
- Funds due
- $547,148
- Interest + MI left
- $158,710
- First ends
- Jun 2050
Assumption
Assumption + second
$6,042/mo
+$3,167/mo- Down payment
- $85,908
- Funds due
- $106,492
- Interest + MI left
- $856,665
- First ends
- Jun 2050
New loan
New conventional
$6,620/mo
+$3,744/mo- Down payment
- $85,908
- Funds due
- $102,009
- Interest + MI left
- $1,158,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,042 | $322,042 | $764,042 |
| Second mortgage | — | $442,000 | — |
| First P&I | $1,698.77 | $1,698.77 | $5,290.07 |
| Second P&I | — | $3,166.54 | — |
| Mortgage insurance | — | — | $152.81 |
| Taxes, insurance & HOA | $1,176.75 | $1,176.75 | $1,176.75 |
| Total housing payment | $2,875.52 | $6,042.07 | $6,619.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,908
Closing costs & prepaids$20,584
Usable credit−$0
Total buyer cash needed$106,492
Earnest money paid−$0
Remaining funds due$106,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,610.21
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)$1,306.25
Initial HOA (3 months)$1,574.01
Prepaid interest, first (1 days)$32.20
Prepaid interest, second (1 days)$93.85
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 7 moOf the original 30-year loan at 3.650%
Interest already paid$81,499Through Nov 2026
Assumption only · ends Jun 2050$158,710
Assumption + second · ends Jun 2050, second Dec 2056$856,665
New conventional · ends Dec 2056$1,158,568