Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $349,992
- Funds due
- $362,881
- Interest + MI left
- $70,345
- First ends
- Jun 2050
Assumption
Assumption + second
$3,546/mo
+$2,128/mo- Down payment
- $52,992
- Funds due
- $67,698
- Interest + MI left
- $539,333
- First ends
- Jun 2050
New loan
New conventional
$3,855/mo
+$2,437/mo- Down payment
- $52,992
- Funds due
- $64,372
- Interest + MI left
- $696,734
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,508 | $179,508 | $476,508 |
| Second mortgage | — | $297,000 | — |
| First P&I | $886.00 | $886.00 | $3,228.03 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | — | — | $95.30 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $1,418.00 | $3,545.75 | $3,855.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,992
Closing costs & prepaids$14,706
Usable credit−$0
Total buyer cash needed$67,698
Earnest money paid−$0
Remaining funds due$67,698
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,295.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$897.54
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)$635.50
Initial HOA (3 months)$460.50
Prepaid interest, first (9 days)$131.90
Prepaid interest, second (9 days)$567.55
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 6 moOf the original 29-year loan at 2.98%
Interest already paid$31,708Through Dec 2026
Assumption only · ends Jun 2050$70,345
Assumption + second · ends Jun 2050, second Jan 2057$539,333
New conventional · ends Jan 2057$696,734