Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
Lowest payment- Down payment
- $457,063
- Funds due
- $474,958
- Interest + MI left
- $157,532
- First ends
- Mar 2050
Assumption
Assumption + second
$5,361/mo
+$2,715/mo- Down payment
- $78,063
- Funds due
- $97,610
- Interest + MI left
- $756,005
- First ends
- Mar 2050
New loan
New conventional
$5,802/mo
+$3,156/mo- Down payment
- $78,063
- Funds due
- $93,318
- Interest + MI left
- $1,019,037
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,937 | $317,937 | $696,937 |
| Second mortgage | — | $379,000 | — |
| First P&I | $1,704.19 | $1,704.19 | $4,721.29 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | — | — | $139.39 |
| Taxes, insurance & HOA | $941.75 | $941.75 | $941.75 |
| Total housing payment | $2,645.94 | $5,361.14 | $5,802.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,063
Closing costs & prepaids$19,547
Usable credit−$0
Total buyer cash needed$97,610
Earnest money paid−$0
Remaining funds due$97,610
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,589.69
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)$1,976.25
Initial HOA (3 months)$198.99
Prepaid interest, first (5 days)$162.02
Prepaid interest, second (5 days)$402.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3 moOf the original 30-year loan at 3.72%
Interest already paid$86,637Through Dec 2026
Assumption only · ends Mar 2050$157,532
Assumption + second · ends Mar 2050, second Jan 2057$756,005
New conventional · ends Jan 2057$1,019,037