Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,214/mo
Lowest payment- Down payment
- $521,794
- Funds due
- $544,763
- Interest + MI left
- $348,569
- First ends
- Sep 2050
Assumption
Assumption + second
$7,087/mo
+$2,873/mo- Down payment
- $120,794
- Funds due
- $145,183
- Interest + MI left
- $981,781
- First ends
- Sep 2050
New loan
New conventional
$8,311/mo
+$4,098/mo- Down payment
- $120,794
- Funds due
- $138,670
- Interest + MI left
- $1,636,537
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $678,106 | $678,106 | $1,079,106 |
| Second mortgage | — | $401,000 | — |
| First P&I | $3,589.77 | $3,589.77 | $7,471.51 |
| Second P&I | — | $2,872.81 | — |
| Mortgage insurance | — | — | $215.82 |
| Taxes, insurance & HOA | $624.00 | $624.00 | $624.00 |
| Total housing payment | $4,213.77 | $7,086.58 | $8,311.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$120,794
Closing costs & prepaids$24,389
Usable credit−$0
Total buyer cash needed$145,183
Earnest money paid−$0
Remaining funds due$145,183
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%)$3,390.53
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)$850.00
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$139.34
Prepaid interest, second (2 days)$170.29
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 10 moOf the original 30-year loan at 3.750%
Interest already paid$168,614Through Nov 2026
Assumption only · ends Sep 2050$348,569
Assumption + second · ends Sep 2050, second Dec 2056$981,781
New conventional · ends Dec 2056$1,636,537