Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,357/mo
Lowest payment- Down payment
- $618,060
- Funds due
- $633,752
- Interest + MI left
- $87,121
- First ends
- Feb 2050
Assumption
Assumption + second
$5,211/mo
+$3,854/mo- Down payment
- $80,060
- Funds due
- $97,231
- Interest + MI left
- $936,668
- First ends
- Feb 2050
New loan
New conventional
$5,521/mo
+$4,164/mo- Down payment
- $80,060
- Funds due
- $93,505
- Interest + MI left
- $1,091,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,840 | $181,840 | $719,840 |
| Second mortgage | — | $538,000 | — |
| First P&I | $964.02 | $964.02 | $4,984.03 |
| Second P&I | — | $3,854.30 | — |
| Mortgage insurance | — | — | $143.97 |
| Taxes, insurance & HOA | $393.17 | $393.17 | $393.17 |
| Total housing payment | $1,357.18 | $5,211.48 | $5,521.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,060
Closing costs & prepaids$17,170
Usable credit−$0
Total buyer cash needed$97,231
Earnest money paid−$0
Remaining funds due$97,231
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$909.20
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)$529.50
Prepaid interest, first (2 days)$35.97
Prepaid interest, second (2 days)$228.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.610%
Interest already paid$48,150Through Nov 2026
Assumption only · ends Feb 2050$87,121
Assumption + second · ends Feb 2050, second Dec 2056$936,668
New conventional · ends Dec 2056$1,091,686