Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,593/mo
Lowest payment- Down payment
- $439,693
- Funds due
- $457,164
- Interest + MI left
- $172,300
- First ends
- Mar 2050
Assumption
Assumption + second
$5,164/mo
+$2,572/mo- Down payment
- $80,693
- Funds due
- $99,490
- Interest + MI left
- $739,191
- First ends
- Mar 2050
New loan
New conventional
$5,811/mo
+$3,218/mo- Down payment
- $80,693
- Funds due
- $94,878
- Interest + MI left
- $1,089,217
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,307 | $359,307 | $718,307 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,898.60 | $1,898.60 | $4,973.41 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | — | — | $143.66 |
| Taxes, insurance & HOA | $693.92 | $693.92 | $693.92 |
| Total housing payment | $2,592.52 | $5,164.44 | $5,810.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,693
Closing costs & prepaids$18,798
Usable credit−$0
Total buyer cash needed$99,490
Earnest money paid−$0
Remaining funds due$99,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,796.54
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)$1,035.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$35.44
Prepaid interest, second (1 days)$76.23
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 4 moOf the original 30-year loan at 3.600%
Interest already paid$93,595Through Nov 2026
Assumption only · ends Mar 2050$172,300
Assumption + second · ends Mar 2050, second Dec 2056$739,191
New conventional · ends Dec 2056$1,089,217