Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,985/mo
Lowest payment- Down payment
- $328,719
- Funds due
- $347,092
- Interest + MI left
- $180,264
- First ends
- Oct 2050
Assumption
Assumption + second
$4,761/mo
+$1,777/mo- Down payment
- $80,719
- Funds due
- $100,816
- Interest + MI left
- $571,877
- First ends
- Oct 2050
New loan
New conventional
$5,719/mo
+$2,735/mo- Down payment
- $80,719
- Funds due
- $96,078
- Interest + MI left
- $1,050,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,281 | $470,281 | $718,281 |
| Second mortgage | — | $248,000 | — |
| First P&I | $2,274.63 | $2,274.63 | $4,865.89 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | — | — | $143.66 |
| Taxes, insurance & HOA | $709.92 | $709.92 | $709.92 |
| Total housing payment | $2,984.55 | $4,761.25 | $5,719.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,719
Closing costs & prepaids$20,097
Usable credit−$0
Total buyer cash needed$100,816
Earnest money paid−$0
Remaining funds due$100,816
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,351.40
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)$958.75
Initial HOA (3 months)$521.01
Prepaid interest, first (9 days)$333.96
Prepaid interest, second (9 days)$473.92
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 10 moOf the original 30-year loan at 2.88%
Interest already paid$90,711Through Dec 2026
Assumption only · ends Oct 2050$180,264
Assumption + second · ends Oct 2050, second Jan 2057$571,877
New conventional · ends Jan 2057$1,050,246