Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,513/mo
Lowest payment- Down payment
- $420,032
- Funds due
- $437,424
- Interest + MI left
- $157,107
- First ends
- Sep 2050
Assumption
Assumption + second
$4,956/mo
+$2,443/mo- Down payment
- $79,032
- Funds due
- $97,819
- Interest + MI left
- $695,574
- First ends
- Sep 2050
New loan
New conventional
$5,735/mo
+$3,222/mo- Down payment
- $79,032
- Funds due
- $93,215
- Interest + MI left
- $1,078,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,968 | $369,968 | $710,968 |
| Second mortgage | — | $341,000 | — |
| First P&I | $1,842.92 | $1,842.92 | $4,922.60 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | — | — | $142.19 |
| Taxes, insurance & HOA | $670.16 | $670.16 | $670.16 |
| Total housing payment | $2,513.08 | $4,956.05 | $5,734.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,032
Closing costs & prepaids$18,787
Usable credit−$0
Total buyer cash needed$97,819
Earnest money paid−$0
Remaining funds due$97,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,849.84
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)$1,223.00
Initial HOA (3 months)$137.49
Prepaid interest, first (2 days)$64.06
Prepaid interest, second (2 days)$144.81
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 10 moOf the original 30-year loan at 3.160%
Interest already paid$78,039Through Nov 2026
Assumption only · ends Sep 2050$157,107
Assumption + second · ends Sep 2050, second Dec 2056$695,574
New conventional · ends Dec 2056$1,078,231