Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,410/mo
Lowest payment- Down payment
- $523,265
- Funds due
- $547,303
- Interest + MI left
- $346,450
- First ends
- Sep 2050
Assumption
Assumption + second
$7,298/mo
+$2,887/mo- Down payment
- $120,265
- Funds due
- $146,323
- Interest + MI left
- $982,821
- First ends
- Sep 2050
New loan
New conventional
$8,350/mo
+$3,940/mo- Down payment
- $120,265
- Funds due
- $140,210
- Interest + MI left
- $1,578,605
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $676,635 | $676,635 | $1,079,635 |
| Second mortgage | — | $403,000 | — |
| First P&I | $3,589.77 | $3,589.77 | $7,313.82 |
| Second P&I | — | $2,887.14 | — |
| Mortgage insurance | — | — | $215.93 |
| Taxes, insurance & HOA | $820.67 | $820.67 | $820.67 |
| Total housing payment | $4,410.44 | $7,297.58 | $8,350.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,265
Closing costs & prepaids$26,058
Usable credit−$0
Total buyer cash needed$146,323
Earnest money paid−$0
Remaining funds due$146,323
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,383.18
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)$1,440.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$625.66
Prepaid interest, second (9 days)$770.12
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 closing23 yr 9 moOf the original 30-year loan at 3.75%
Interest already paid$170,733Through Dec 2026
Assumption only · ends Sep 2050$346,450
Assumption + second · ends Sep 2050, second Jan 2057$982,821
New conventional · ends Jan 2057$1,578,605