Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $614,621
- Funds due
- $634,136
- Interest + MI left
- $163,418
- First ends
- Aug 2050
Assumption
Assumption + second
$6,207/mo
+$3,690/mo- Down payment
- $99,621
- Funds due
- $121,370
- Interest + MI left
- $976,646
- First ends
- Aug 2050
New loan
New conventional
$6,836/mo
+$4,319/mo- Down payment
- $99,621
- Funds due
- $116,738
- Interest + MI left
- $1,304,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,226 | $377,226 | $892,226 |
| Second mortgage | — | $515,000 | — |
| First P&I | $1,903.67 | $1,903.67 | $6,044.25 |
| Second P&I | — | $3,689.52 | — |
| Mortgage insurance | — | — | $178.45 |
| Taxes, insurance & HOA | $613.42 | $613.42 | $613.42 |
| Total housing payment | $2,517.09 | $6,206.61 | $6,836.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$99,621
Closing costs & prepaids$21,748
Usable credit−$0
Total buyer cash needed$121,370
Earnest money paid−$0
Remaining funds due$121,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$9,918.47
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,886.13
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)$1,190.25
Prepaid interest, first (9 days)$301.37
Prepaid interest, second (9 days)$984.14
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 8 moOf the original 30-year loan at 3.24%
Interest already paid$83,934Through Dec 2026
Assumption only · ends Aug 2050$163,418
Assumption + second · ends Aug 2050, second Jan 2057$976,646
New conventional · ends Jan 2057$1,304,582