Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,670/mo
Lowest payment- Down payment
- $638,197
- Funds due
- $655,246
- Interest + MI left
- $99,450
- First ends
- Sep 2050
Assumption
Assumption + second
$5,611/mo
+$3,940/mo- Down payment
- $88,197
- Funds due
- $106,729
- Interest + MI left
- $967,946
- First ends
- Sep 2050
New loan
New conventional
$6,118/mo
+$4,447/mo- Down payment
- $88,197
- Funds due
- $102,642
- Interest + MI left
- $1,200,823
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,803 | $241,803 | $791,803 |
| Second mortgage | — | $550,000 | — |
| First P&I | $1,193.19 | $1,193.19 | $5,482.28 |
| Second P&I | — | $3,940.27 | — |
| Mortgage insurance | — | — | $158.36 |
| Taxes, insurance & HOA | $477.08 | $477.08 | $477.08 |
| Total housing payment | $1,670.28 | $5,610.54 | $6,117.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,197
Closing costs & prepaids$18,533
Usable credit−$0
Total buyer cash needed$106,729
Earnest money paid−$0
Remaining funds due$106,729
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,209.02
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)$727.25
Initial HOA (3 months)$54.00
Prepaid interest, first (2 days)$40.68
Prepaid interest, second (2 days)$233.56
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 closing23 yr 10 moOf the original 30-year loan at 3.070%
Interest already paid$49,605Through Nov 2026
Assumption only · ends Sep 2050$99,450
Assumption + second · ends Sep 2050, second Dec 2056$967,946
New conventional · ends Dec 2056$1,200,823