Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $277,340
- Funds due
- $289,486
- Interest + MI left
- $78,002
- First ends
- Dec 2050
Assumption
Assumption + second
$3,070/mo
+$1,641/mo- Down payment
- $48,340
- Funds due
- $61,784
- Interest + MI left
- $439,612
- First ends
- Dec 2050
New loan
New conventional
$3,512/mo
+$2,082/mo- Down payment
- $48,340
- Funds due
- $58,296
- Interest + MI left
- $645,457
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,660 | $196,660 | $425,660 |
| Second mortgage | — | $229,000 | — |
| First P&I | $950.38 | $950.38 | $2,947.18 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $85.13 |
| Taxes, insurance & HOA | $479.41 | $479.41 | $479.41 |
| Total housing payment | $1,429.80 | $3,070.38 | $3,511.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,340
Closing costs & prepaids$13,444
Usable credit−$0
Total buyer cash needed$61,784
Earnest money paid−$0
Remaining funds due$61,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$983.30
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)$367.25
Initial HOA (3 months)$570.99
Prepaid interest, first (1 days)$15.84
Prepaid interest, second (1 days)$48.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.940%
Interest already paid$36,976Through Nov 2026
Assumption only · ends Dec 2050$78,002
Assumption + second · ends Dec 2050, second Dec 2056$439,612
New conventional · ends Dec 2056$645,457