Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $450,934
- Funds due
- $467,286
- Interest + MI left
- $112,005
- First ends
- Nov 2050
Assumption
Assumption + second
$4,646/mo
+$2,687/mo- Down payment
- $75,934
- Funds due
- $94,252
- Interest + MI left
- $704,161
- First ends
- Nov 2050
New loan
New conventional
$5,228/mo
+$3,269/mo- Down payment
- $75,934
- Funds due
- $90,224
- Interest + MI left
- $985,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,066 | $299,066 | $674,066 |
| Second mortgage | — | $375,000 | — |
| First P&I | $1,432.30 | $1,432.30 | $4,566.36 |
| Second P&I | — | $2,686.55 | — |
| Mortgage insurance | — | — | $134.81 |
| Taxes, insurance & HOA | $527.09 | $527.09 | $527.09 |
| Total housing payment | $1,959.39 | $4,645.93 | $5,228.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,934
Closing costs & prepaids$18,318
Usable credit−$0
Total buyer cash needed$94,252
Earnest money paid−$0
Remaining funds due$94,252
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,495.33
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)$900.00
Initial HOA (3 months)$31.26
Prepaid interest, first (9 days)$207.22
Prepaid interest, second (9 days)$716.61
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$55,493Through Dec 2026
Assumption only · ends Nov 2050$112,005
Assumption + second · ends Nov 2050, second Jan 2057$704,161
New conventional · ends Jan 2057$985,596