Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $282,095
- Funds due
- $295,576
- Interest + MI left
- $106,243
- First ends
- Nov 2050
Assumption
Assumption + second
$3,423/mo
+$1,626/mo- Down payment
- $55,095
- Funds due
- $70,260
- Interest + MI left
- $464,695
- First ends
- Nov 2050
New loan
New conventional
$3,944/mo
+$2,148/mo- Down payment
- $55,095
- Funds due
- $66,573
- Interest + MI left
- $723,633
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,905 | $267,905 | $494,905 |
| Second mortgage | — | $227,000 | — |
| First P&I | $1,303.65 | $1,303.65 | $3,352.66 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $98.98 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $1,796.32 | $3,422.57 | $3,944.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,095
Closing costs & prepaids$15,165
Usable credit−$0
Total buyer cash needed$70,260
Earnest money paid−$0
Remaining funds due$70,260
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,339.52
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)$660.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$195.53
Prepaid interest, second (9 days)$433.79
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 2.96%
Interest already paid$52,271Through Dec 2026
Assumption only · ends Nov 2050$106,243
Assumption + second · ends Nov 2050, second Jan 2057$464,695
New conventional · ends Jan 2057$723,633