Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $430,262
- Funds due
- $443,966
- Interest + MI left
- $93,112
- First ends
- Dec 2050
Assumption
Assumption + second
$4,043/mo
+$2,608/mo- Down payment
- $66,262
- Funds due
- $81,371
- Interest + MI left
- $667,898
- First ends
- Dec 2050
New loan
New conventional
$4,544/mo
+$3,109/mo- Down payment
- $66,262
- Funds due
- $77,569
- Interest + MI left
- $898,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,738 | $228,738 | $592,738 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,113.67 | $1,113.67 | $4,104.00 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | — | — | $118.55 |
| Taxes, insurance & HOA | $321.59 | $321.59 | $321.59 |
| Total housing payment | $1,435.25 | $4,042.99 | $4,544.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,262
Closing costs & prepaids$15,109
Usable credit−$0
Total buyer cash needed$81,371
Earnest money paid−$0
Remaining funds due$81,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,143.69
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)$459.75
Initial HOA (3 months)$5.01
Prepaid interest, first (2 days)$37.73
Prepaid interest, second (2 days)$154.58
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 closing24 yr 1 moOf the original 30-year loan at 3.010%
Interest already paid$43,996Through Nov 2026
Assumption only · ends Dec 2050$93,112
Assumption + second · ends Dec 2050, second Dec 2056$667,898
New conventional · ends Dec 2056$898,927