Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,672/mo
Lowest payment- Down payment
- $613,739
- Funds due
- $633,455
- Interest + MI left
- $164,439
- First ends
- Aug 2050
Assumption
Assumption + second
$6,355/mo
+$3,682/mo- Down payment
- $99,739
- Funds due
- $120,814
- Interest + MI left
- $976,088
- First ends
- Aug 2050
New loan
New conventional
$7,124/mo
+$4,452/mo- Down payment
- $99,739
- Funds due
- $115,921
- Interest + MI left
- $1,352,942
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,108 | $378,108 | $892,108 |
| Second mortgage | — | $514,000 | — |
| First P&I | $1,903.67 | $1,903.67 | $6,176.78 |
| Second P&I | — | $3,682.36 | — |
| Mortgage insurance | — | — | $178.42 |
| Taxes, insurance & HOA | $768.50 | $768.50 | $768.50 |
| Total housing payment | $2,672.17 | $6,354.53 | $7,123.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,739
Closing costs & prepaids$21,075
Usable credit−$0
Total buyer cash needed$120,814
Earnest money paid−$0
Remaining funds due$120,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,918.47
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,890.54
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)$1,655.50
Prepaid interest, first (1 days)$33.56
Prepaid interest, second (1 days)$109.14
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 3.240%
Interest already paid$82,913Through Nov 2026
Assumption only · ends Aug 2050$164,439
Assumption + second · ends Aug 2050, second Dec 2056$976,088
New conventional · ends Dec 2056$1,352,942