Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,563/mo
Lowest payment- Down payment
- $430,513
- Funds due
- $448,075
- Interest + MI left
- $171,222
- First ends
- Mar 2050
Assumption
Assumption + second
$5,077/mo
+$2,515/mo- Down payment
- $79,513
- Funds due
- $98,995
- Interest + MI left
- $725,481
- First ends
- Mar 2050
New loan
New conventional
$5,612/mo
+$3,050/mo- Down payment
- $79,513
- Funds due
- $94,632
- Interest + MI left
- $1,037,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $358,487 | $358,487 | $709,487 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,898.60 | $1,898.60 | $4,806.31 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | — | — | $141.90 |
| Taxes, insurance & HOA | $664.25 | $664.25 | $664.25 |
| Total housing payment | $2,562.85 | $5,077.46 | $5,612.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,513
Closing costs & prepaids$19,482
Usable credit−$0
Total buyer cash needed$98,995
Earnest money paid−$0
Remaining funds due$98,995
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,792.43
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)$946.75
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$318.22
Prepaid interest, second (9 days)$670.75
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 3 moOf the original 30-year loan at 3.6%
Interest already paid$94,673Through Dec 2026
Assumption only · ends Mar 2050$171,222
Assumption + second · ends Mar 2050, second Jan 2057$725,481
New conventional · ends Jan 2057$1,037,387