Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,493/mo
Lowest payment- Down payment
- $336,256
- Funds due
- $351,971
- Interest + MI left
- $157,366
- First ends
- Jul 2050
Assumption
Assumption + second
$4,413/mo
+$1,920/mo- Down payment
- $68,256
- Funds due
- $85,335
- Interest + MI left
- $580,561
- First ends
- Jul 2050
New loan
New conventional
$5,069/mo
+$2,575/mo- Down payment
- $68,256
- Funds due
- $80,983
- Interest + MI left
- $920,047
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,744 | $338,744 | $606,744 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,746.86 | $1,746.86 | $4,200.97 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $121.35 |
| Taxes, insurance & HOA | $746.34 | $746.34 | $746.34 |
| Total housing payment | $2,493.20 | $4,413.19 | $5,068.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,256
Closing costs & prepaids$17,079
Usable credit−$0
Total buyer cash needed$85,335
Earnest money paid−$0
Remaining funds due$85,335
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,693.72
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)$1,017.00
Initial HOA (3 months)$722.01
Prepaid interest, first (2 days)$64.04
Prepaid interest, second (2 days)$113.81
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 8 moOf the original 30-year loan at 3.450%
Interest already paid$80,058Through Nov 2026
Assumption only · ends Jul 2050$157,366
Assumption + second · ends Jul 2050, second Dec 2056$580,561
New conventional · ends Dec 2056$920,047