Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $440,017
- Funds due
- $459,174
- Interest + MI left
- $178,984
- First ends
- Nov 2050
Assumption
Assumption + second
$5,387/mo
+$2,507/mo- Down payment
- $90,017
- Funds due
- $111,093
- Interest + MI left
- $731,663
- First ends
- Nov 2050
New loan
New conventional
$6,302/mo
+$3,422/mo- Down payment
- $90,017
- Funds due
- $106,285
- Interest + MI left
- $1,184,183
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,883 | $459,883 | $809,883 |
| Second mortgage | — | $350,000 | — |
| First P&I | $2,226.02 | $2,226.02 | $5,486.43 |
| Second P&I | — | $2,507.44 | — |
| Mortgage insurance | — | — | $161.98 |
| Taxes, insurance & HOA | $653.34 | $653.34 | $653.34 |
| Total housing payment | $2,879.35 | $5,386.80 | $6,301.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,017
Closing costs & prepaids$21,075
Usable credit−$0
Total buyer cash needed$111,093
Earnest money paid−$0
Remaining funds due$111,093
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,299.41
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)$1,080.00
Initial HOA (3 months)$230.01
Prepaid interest, first (9 days)$329.98
Prepaid interest, second (9 days)$668.84
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 2.91%
Interest already paid$88,265Through Dec 2026
Assumption only · ends Nov 2050$178,984
Assumption + second · ends Nov 2050, second Jan 2057$731,663
New conventional · ends Jan 2057$1,184,183