Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,481/mo
Lowest payment- Down payment
- $210,169
- Funds due
- $224,931
- Interest + MI left
- $132,265
- First ends
- Dec 2050
Assumption
Assumption + second
$3,618/mo
+$1,137/mo- Down payment
- $55,169
- Funds due
- $71,249
- Interest + MI left
- $386,705
- First ends
- Dec 2050
New loan
New conventional
$4,372/mo
+$1,892/mo- Down payment
- $55,169
- Funds due
- $67,034
- Interest + MI left
- $750,445
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,831 | $339,831 | $494,831 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,633.55 | $1,633.55 | $3,426.11 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $98.97 |
| Taxes, insurance & HOA | $847.17 | $847.17 | $847.17 |
| Total housing payment | $2,480.72 | $3,618.06 | $4,372.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,169
Closing costs & prepaids$16,080
Usable credit−$0
Total buyer cash needed$71,249
Earnest money paid−$0
Remaining funds due$71,249
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,699.16
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)$1,931.50
Initial HOA (3 months)$110.01
Prepaid interest, first (2 days)$53.81
Prepaid interest, second (2 days)$67.95
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 2.890%
Interest already paid$62,845Through Nov 2026
Assumption only · ends Dec 2050$132,265
Assumption + second · ends Dec 2050, second Dec 2056$386,705
New conventional · ends Dec 2056$750,445