Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,142/mo
Lowest payment- Down payment
- $607,154
- Funds due
- $625,219
- Interest + MI left
- $148,592
- First ends
- Aug 2050
Assumption
Assumption + second
$5,810/mo
+$3,668/mo- Down payment
- $95,154
- Funds due
- $114,578
- Interest + MI left
- $957,083
- First ends
- Aug 2050
New loan
New conventional
$6,507/mo
+$4,365/mo- Down payment
- $95,154
- Funds due
- $109,904
- Interest + MI left
- $1,296,430
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,845 | $342,845 | $854,845 |
| Second mortgage | — | $512,000 | — |
| First P&I | $1,724.34 | $1,724.34 | $5,918.77 |
| Second P&I | — | $3,668.03 | — |
| Mortgage insurance | — | — | $170.97 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $2,142.09 | $5,810.12 | $6,507.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$95,154
Closing costs & prepaids$19,425
Usable credit−$0
Total buyer cash needed$114,578
Earnest money paid−$0
Remaining funds due$114,578
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,714.23
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)$603.25
Prepaid interest, first (1 days)$30.34
Prepaid interest, second (1 days)$108.71
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 3.230%
Interest already paid$74,957Through Nov 2026
Assumption only · ends Aug 2050$148,592
Assumption + second · ends Aug 2050, second Dec 2056$957,083
New conventional · ends Dec 2056$1,296,430