Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,041/mo
Lowest payment- Down payment
- $341,949
- Funds due
- $360,094
- Interest + MI left
- $168,142
- First ends
- Aug 2050
Assumption
Assumption + second
$4,961/mo
+$1,920/mo- Down payment
- $73,949
- Funds due
- $93,458
- Interest + MI left
- $591,336
- First ends
- Aug 2050
New loan
New conventional
$5,763/mo
+$2,722/mo- Down payment
- $73,949
- Funds due
- $88,819
- Interest + MI left
- $994,663
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,951 | $387,951 | $655,951 |
| Second mortgage | — | $268,000 | — |
| First P&I | $1,951.20 | $1,951.20 | $4,541.67 |
| Second P&I | — | $1,919.98 | — |
| Mortgage insurance | — | — | $131.19 |
| Taxes, insurance & HOA | $1,090.00 | $1,090.00 | $1,090.00 |
| Total housing payment | $3,041.20 | $4,961.19 | $5,762.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,949
Closing costs & prepaids$19,509
Usable credit−$0
Total buyer cash needed$93,458
Earnest money paid−$0
Remaining funds due$93,458
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,939.76
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)$2,484.00
Initial HOA (3 months)$135.99
Prepaid interest, first (2 days)$68.66
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 9 moOf the original 30-year loan at 3.230%
Interest already paid$84,819Through Nov 2026
Assumption only · ends Aug 2050$168,142
Assumption + second · ends Aug 2050, second Dec 2056$591,336
New conventional · ends Dec 2056$994,663