Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,936/mo
Lowest payment- Down payment
- $265,498
- Funds due
- $279,136
- Interest + MI left
- $124,742
- First ends
- Dec 2050
Assumption
Assumption + second
$3,419/mo
+$1,483/mo- Down payment
- $58,498
- Funds due
- $73,474
- Interest + MI left
- $451,612
- First ends
- Dec 2050
New loan
New conventional
$4,131/mo
+$2,195/mo- Down payment
- $58,498
- Funds due
- $69,347
- Interest + MI left
- $790,893
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,502 | $314,502 | $521,502 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,519.88 | $1,519.88 | $3,610.77 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | — | — | $104.30 |
| Taxes, insurance & HOA | $415.75 | $415.75 | $415.75 |
| Total housing payment | $1,935.63 | $3,418.60 | $4,130.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,498
Closing costs & prepaids$14,976
Usable credit−$0
Total buyer cash needed$73,474
Earnest money paid−$0
Remaining funds due$73,474
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,572.51
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)$597.25
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$50.67
Prepaid interest, second (2 days)$87.90
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 2.940%
Interest already paid$59,133Through Nov 2026
Assumption only · ends Dec 2050$124,742
Assumption + second · ends Dec 2050, second Dec 2056$451,612
New conventional · ends Dec 2056$790,893