Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $358,464
- Funds due
- $373,889
- Interest + MI left
- $170,245
- First ends
- Mar 2050
Assumption
Assumption + second
$4,376/mo
+$2,063/mo- Down payment
- $70,464
- Funds due
- $87,690
- Interest + MI left
- $625,021
- First ends
- Mar 2050
New loan
New conventional
$4,869/mo
+$2,556/mo- Down payment
- $70,464
- Funds due
- $83,484
- Interest + MI left
- $920,486
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,536 | $341,536 | $629,536 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,834.34 | $1,834.34 | $4,264.70 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | — | — | $125.91 |
| Taxes, insurance & HOA | $478.34 | $478.34 | $478.34 |
| Total housing payment | $2,312.68 | $4,375.95 | $4,868.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,464
Closing costs & prepaids$17,226
Usable credit−$0
Total buyer cash needed$87,690
Earnest money paid−$0
Remaining funds due$87,690
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,707.68
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)$840.00
Initial HOA (3 months)$95.01
Prepaid interest, first (9 days)$314.96
Prepaid interest, second (9 days)$550.36
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 3.74%
Interest already paid$93,545Through Dec 2026
Assumption only · ends Mar 2050$170,245
Assumption + second · ends Mar 2050, second Jan 2057$625,021
New conventional · ends Jan 2057$920,486