Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,545/mo
Lowest payment- Down payment
- $364,816
- Funds due
- $378,380
- Interest + MI left
- $88,042
- First ends
- Nov 2050
Assumption
Assumption + second
$3,723/mo
+$2,178/mo- Down payment
- $60,816
- Funds due
- $76,210
- Interest + MI left
- $568,084
- First ends
- Nov 2050
New loan
New conventional
$4,179/mo
+$2,634/mo- Down payment
- $60,816
- Funds due
- $72,594
- Interest + MI left
- $788,230
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,084 | $235,084 | $539,084 |
| Second mortgage | — | $304,000 | — |
| First P&I | $1,125.88 | $1,125.88 | $3,651.94 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | — | — | $107.82 |
| Taxes, insurance & HOA | $419.42 | $419.42 | $419.42 |
| Total housing payment | $1,545.29 | $3,723.19 | $4,179.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,816
Closing costs & prepaids$15,394
Usable credit−$0
Total buyer cash needed$76,210
Earnest money paid−$0
Remaining funds due$76,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,175.42
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$720.00
Initial HOA (3 months)$38.25
Prepaid interest, first (9 days)$162.88
Prepaid interest, second (9 days)$580.93
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 2.81%
Interest already paid$43,621Through Dec 2026
Assumption only · ends Nov 2050$88,042
Assumption + second · ends Nov 2050, second Jan 2057$568,084
New conventional · ends Jan 2057$788,230