Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $767,302
- Funds due
- $787,951
- Interest + MI left
- $123,388
- First ends
- Nov 2050
Assumption
Assumption + second
$7,079/mo
+$4,721/mo- Down payment
- $108,302
- Funds due
- $131,460
- Interest + MI left
- $1,164,005
- First ends
- Nov 2050
New loan
New conventional
$7,597/mo
+$5,240/mo- Down payment
- $108,302
- Funds due
- $127,021
- Interest + MI left
- $1,413,472
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,698 | $307,698 | $966,698 |
| Second mortgage | — | $659,000 | — |
| First P&I | $1,502.04 | $1,502.04 | $6,548.75 |
| Second P&I | — | $4,721.16 | — |
| Mortgage insurance | — | — | $193.34 |
| Taxes, insurance & HOA | $855.34 | $855.34 | $855.34 |
| Total housing payment | $2,357.38 | $7,078.54 | $7,597.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,302
Closing costs & prepaids$23,159
Usable credit−$0
Total buyer cash needed$131,460
Earnest money paid−$0
Remaining funds due$131,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$10,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,538.49
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)$1,290.00
Initial HOA (3 months)$626.01
Prepaid interest, first (9 days)$226.85
Prepaid interest, second (9 days)$1,259.32
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 11 moOf the original 30-year loan at 2.99%
Interest already paid$60,623Through Dec 2026
Assumption only · ends Nov 2050$123,388
Assumption + second · ends Nov 2050, second Jan 2057$1,164,005
New conventional · ends Jan 2057$1,413,472