Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,821/mo
Lowest payment- Down payment
- $407,602
- Funds due
- $425,753
- Interest + MI left
- $191,902
- First ends
- Oct 2050
Assumption
Assumption + second
$5,128/mo
+$2,307/mo- Down payment
- $85,602
- Funds due
- $105,071
- Interest + MI left
- $700,367
- First ends
- Oct 2050
New loan
New conventional
$6,056/mo
+$3,235/mo- Down payment
- $85,602
- Funds due
- $100,008
- Interest + MI left
- $1,159,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,398 | $442,398 | $764,398 |
| Second mortgage | — | $322,000 | — |
| First P&I | $2,210.10 | $2,210.10 | $5,292.54 |
| Second P&I | — | $2,306.85 | — |
| Mortgage insurance | — | — | $152.88 |
| Taxes, insurance & HOA | $610.67 | $610.67 | $610.67 |
| Total housing payment | $2,820.77 | $5,127.62 | $6,056.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,602
Closing costs & prepaids$19,469
Usable credit−$0
Total buyer cash needed$105,071
Earnest money paid−$0
Remaining funds due$105,071
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,211.99
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)$1,072.00
Initial HOA (3 months)$110.01
Prepaid interest, first (1 days)$38.91
Prepaid interest, second (1 days)$68.37
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 11 moOf the original 30-year loan at 3.210%
Interest already paid$93,335Through Nov 2026
Assumption only · ends Oct 2050$191,902
Assumption + second · ends Oct 2050, second Dec 2056$700,367
New conventional · ends Dec 2056$1,159,261