Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $396,904
- Funds due
- $414,281
- Interest + MI left
- $167,921
- First ends
- Oct 2050
Assumption
Assumption + second
$4,761/mo
+$2,242/mo- Down payment
- $83,904
- Funds due
- $102,664
- Interest + MI left
- $662,174
- First ends
- Oct 2050
New loan
New conventional
$5,740/mo
+$3,221/mo- Down payment
- $83,904
- Funds due
- $97,717
- Interest + MI left
- $1,131,356
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,096 | $433,096 | $746,096 |
| Second mortgage | — | $313,000 | — |
| First P&I | $2,094.14 | $2,094.14 | $5,165.82 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | — | — | $149.22 |
| Taxes, insurance & HOA | $424.84 | $424.84 | $424.84 |
| Total housing payment | $2,518.97 | $4,761.34 | $5,739.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,904
Closing costs & prepaids$18,760
Usable credit−$0
Total buyer cash needed$102,664
Earnest money paid−$0
Remaining funds due$102,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,165.48
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)$461.25
Initial HOA (3 months)$163.26
Prepaid interest, first (2 days)$68.82
Prepaid interest, second (2 days)$132.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.900%
Interest already paid$82,848Through Nov 2026
Assumption only · ends Oct 2050$167,921
Assumption + second · ends Oct 2050, second Dec 2056$662,174
New conventional · ends Dec 2056$1,131,356