Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,571/mo
Lowest payment- Down payment
- $579,578
- Funds due
- $598,444
- Interest + MI left
- $115,052
- First ends
- May 2048
Assumption
Assumption + second
$6,074/mo
+$3,503/mo- Down payment
- $90,578
- Funds due
- $110,902
- Interest + MI left
- $887,224
- First ends
- May 2048
New loan
New conventional
$6,644/mo
+$4,073/mo- Down payment
- $90,578
- Funds due
- $106,425
- Interest + MI left
- $1,225,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,922 | $318,922 | $807,922 |
| Second mortgage | — | $489,000 | — |
| First P&I | $1,682.07 | $1,682.07 | $5,593.89 |
| Second P&I | — | $3,503.26 | — |
| Mortgage insurance | — | — | $161.58 |
| Taxes, insurance & HOA | $888.50 | $888.50 | $888.50 |
| Total housing payment | $2,570.57 | $6,073.83 | $6,643.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,578
Closing costs & prepaids$20,324
Usable credit−$0
Total buyer cash needed$110,902
Earnest money paid−$0
Remaining funds due$110,902
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,594.61
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)$1,305.50
Initial HOA (3 months)$710.01
Prepaid interest, first (2 days)$52.77
Prepaid interest, second (2 days)$207.66
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 closing21 yr 6 moOf the original 27-year loan at 3.020%
Interest already paid$57,599Through Nov 2026
Assumption only · ends May 2048$115,052
Assumption + second · ends May 2048, second Dec 2056$887,224
New conventional · ends Dec 2056$1,225,268