Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $492,851
- Funds due
- $509,381
- Interest + MI left
- $102,637
- First ends
- Aug 2050
Assumption
Assumption + second
$4,916/mo
+$2,987/mo- Down payment
- $75,851
- Funds due
- $94,428
- Interest + MI left
- $761,115
- First ends
- Aug 2050
New loan
New conventional
$5,363/mo
+$3,434/mo- Down payment
- $75,851
- Funds due
- $90,547
- Interest + MI left
- $985,542
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,029 | $257,029 | $674,029 |
| Second mortgage | — | $417,000 | — |
| First P&I | $1,266.43 | $1,266.43 | $4,566.11 |
| Second P&I | — | $2,987.44 | — |
| Mortgage insurance | — | — | $134.81 |
| Taxes, insurance & HOA | $662.58 | $662.58 | $662.58 |
| Total housing payment | $1,929.01 | $4,916.45 | $5,363.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,851
Closing costs & prepaids$18,577
Usable credit−$0
Total buyer cash needed$94,428
Earnest money paid−$0
Remaining funds due$94,428
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,498.80
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,285.15
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)$899.75
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$190.76
Prepaid interest, second (9 days)$796.87
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 3.01%
Interest already paid$53,278Through Dec 2026
Assumption only · ends Aug 2050$102,637
Assumption + second · ends Aug 2050, second Jan 2057$761,115
New conventional · ends Jan 2057$985,542