Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,765/mo
Lowest payment- Down payment
- $456,439
- Funds due
- $474,983
- Interest + MI left
- $194,229
- First ends
- May 2050
Assumption
Assumption + second
$5,402/mo
+$2,636/mo- Down payment
- $88,439
- Funds due
- $108,936
- Interest + MI left
- $775,332
- First ends
- May 2050
New loan
New conventional
$6,086/mo
+$3,320/mo- Down payment
- $88,439
- Funds due
- $104,231
- Interest + MI left
- $1,156,662
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,061 | $423,061 | $791,061 |
| Second mortgage | — | $368,000 | — |
| First P&I | $2,196.76 | $2,196.76 | $5,358.92 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | — | — | $158.21 |
| Taxes, insurance & HOA | $568.50 | $568.50 | $568.50 |
| Total housing payment | $2,765.26 | $5,401.66 | $6,085.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,439
Closing costs & prepaids$20,497
Usable credit−$0
Total buyer cash needed$108,936
Earnest money paid−$0
Remaining funds due$108,936
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,115.30
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)$1,055.50
Prepaid interest, first (9 days)$359.89
Prepaid interest, second (9 days)$703.23
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 5 moOf the original 30-year loan at 3.45%
Interest already paid$104,343Through Dec 2026
Assumption only · ends May 2050$194,229
Assumption + second · ends May 2050, second Jan 2057$775,332
New conventional · ends Jan 2057$1,156,662