Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,292/mo
Lowest payment- Down payment
- $608,009
- Funds due
- $625,888
- Interest + MI left
- $90,061
- First ends
- Mar 2045
Assumption
Assumption + second
$6,011/mo
+$3,718/mo- Down payment
- $89,009
- Funds due
- $109,130
- Interest + MI left
- $909,605
- First ends
- Mar 2045
New loan
New conventional
$6,180/mo
+$3,888/mo- Down payment
- $89,009
- Funds due
- $104,992
- Interest + MI left
- $1,171,181
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,991 | $281,991 | $800,991 |
| Second mortgage | — | $519,000 | — |
| First P&I | $1,698.87 | $1,698.87 | $5,426.19 |
| Second P&I | — | $3,718.18 | — |
| Mortgage insurance | — | — | $160.20 |
| Taxes, insurance & HOA | $593.50 | $593.50 | $593.50 |
| Total housing payment | $2,292.36 | $6,010.54 | $6,179.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,009
Closing costs & prepaids$20,121
Usable credit−$0
Total buyer cash needed$109,130
Earnest money paid−$0
Remaining funds due$109,130
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,409.96
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)$1,068.00
Initial HOA (3 months)$62.49
Prepaid interest, first (9 days)$221.11
Prepaid interest, second (9 days)$991.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing18 yr 3 moOf the original 25-year loan at 3.18%
Interest already paid$68,323Through Dec 2026
Assumption only · ends Mar 2045$90,061
Assumption + second · ends Mar 2045, second Jan 2057$909,605
New conventional · ends Jan 2057$1,171,181